Consumer Behavior

Consumers not likely to splurge this holiday season

Photo by istock.com

September 16, 2021

A majority of shoppers, 52%, believe the threat of continued inflation will impact holiday budgets with 64% expecting to spend the same amount as they did last year and just 15% expecting to spend more during the big shopping season.

Those are top findings from a Shopkick survey that also revealed 22% of consumers will shop earlier this year, with 25% expecting to do most shopping before Thanksgiving and 10% expecting to have shopping done before Halloween, according to a press release on the data findings.

The survey polled over 23,000 American consumers. Additional findings include:

• Big spenders: Overall, 15% of shoppers plan to spend more this holiday season compared to last year, and 26% of Gen Z consumers have larger budgets. Half of Gen Zers state the increase in spending is because they have more people to shop for, and 45% state they are more financially secure.
• Stealing deals: Consumers will continue to take advantage of deal days, with 61% reporting that they are planning to shop on Black Friday and 67% on Cyber Monday. The majority (78%) of those planning to take advantage of Black Friday will do so online, followed by in-store (64%) and on mobile (36%).
• Thankful for Thanksgiving: While 70% of respondents positively support retailers closing their doors on Thanksgiving Day, 23% still plan to shop on the day, and 60% of those will shop in-store.
• Amazing Amazon: Fifty-seven percent of consumers expect to make the majority of their holiday purchases online, and Amazon reigns supreme with 73% reporting it will be their primary shopping destination. Outside of Amazon, younger generations (65% of Gen Z and 60% of millennials) gravitate toward Etsy, while 57% of the silent generation will frequent eBay.

"Consumers are eager to get their holiday shopping done this year and they are ready to spend," Dave Fisch, general manager of Shopkick, said in the release. "As retailers prepare for their biggest season, it will be imperative that they get an earlier start, improve their omnichannel and e-commerce capabilities, and offer the best deals on the traditional days consumers have come to love."