Inmar Intelligence, a leading data platform company, today published the results from its 2023 Holiday Spending Survey, which unveiled insights about consumer spending behavior and trends in advance of the upcoming holiday season. With prices soaring in consumer goods, grocery and housing, families nationwide confront an economic landscape that will redefine holiday celebrations, gatherings and gift-giving traditions this year. In fact, 76% of survey respondents are concerned about the impact of inflation on holiday spending this year, and 54% say the most stressful part of the holiday season is being able to afford everything they need.
Based on these findings, retailers should expect consumers to be more protective of their time and money, ultimately leading many to make purchase decisions based on savings. Interestingly, 89% of shoppers are willing to adjust their budget during this holiday season if they find attractive deals or discounts. To find relevant savings, data shows that consumers will look to do the following:
- Switch for savings: 58% are more likely to switch brands when hosting holiday gatherings but 61% would purchase their preferred brand with a coupon over a lower-priced brand.
- Hunt for coupons: 72% will actively search for coupons or promotion codes to make holiday purchases.
- Buy now, pay later: 38% of shoppers will utilize buy now pay later options to manage their holiday expenses.
- Shop cyber weekend: 71% plan to participate in “Black Friday” or “Cyber Monday” to take advantage of deals.
Additionally, the survey showed that consumers are making informed decisions when it comes to where they spend their money. Consider these examples:
- Review return policies: If a retailer charged a fee to return items, 38% of shoppers would not shop at that retailer, and 52% would be more selective with their purchases.
- Price compare: 85% of shoppers plan to compare and research prices before making holiday purchases.
- Seek budget-friendly options: 81% will explore alternative gift options that are more budget-friendly.
Interestingly, consumers have already made decisions on when and where they’ll tackle their holiday spending, including:
- Online: 42% of shoppers plan to shop more online this year, with reasons ranging from convenience to the ability to compare prices and a greater selection of products.
- Timing: Shoppers intend to start holiday shopping at different times, with 20% in September, 30% in October, 27% in November, 9% in December, while some shoppers shared that they shop year-round (14%).
“Overall, the data shows that inflation and high prices will continue to affect how consumers shop during the holidays, and as such, brands and retailers should tailor their approaches to the behaviors and interests that are unique to each shopper,” said Rob Weisberg, EVP & President, Incentives & Loyalty at Inmar Intelligence. “It’s clear that shoppers are cognizant of their holiday budgets and are actively seeking opportunities to get the best value for their money spent. This year, in particular, the importance of providing shoppers with a competitive and convenient experience cannot be overstated.”
For additional survey insights, please visit https://www.inmar.com/trends/2023-holiday-shopping-guide.