Only 9% of Consumers Anticipate Increased Holiday Spending This Season
🎁 Only 9% of Consumers Anticipate Increased Holiday Spending This Season.
A survey conducted by Gartner, Inc. reveals that only 9% of consumers plan to increase their holiday spending this year, indicating cautious consumer sentiment. The survey further breaks down spending intentions, with 28% planning to spend less than in 2022, while 63% intend to maintain the same spending levels. The study highlights that consumer spending during the 2022 holiday season did not meet industry expectations and was attributed more to higher retail prices combating inflation than increased discretionary spending. It also notes a shift in shopping behavior, with 19% starting holiday shopping in October, 29% in November, and just 10% waiting until December, while 19% have been shopping year-round. Gartner predicts that 30% of consumers will shop for winter holiday gifts year-round by 2026. Free shipping is no longer a significant differentiator, and consumers expect it as standard, with value, promotions, selection of gifts, and ratings and reviews also influencing purchase decisions.
Planning a Memorial Day barbecue? Get ready to spend more than last year.