Consumer Behavior
Consumers shopping earlier, spending less for holiday season
August 22, 2023
Shoppers are facing tighter budgets, are increasingly focused on saving money and are expected to shop earlier this holiday season and spend less.
That's insight from a Nfinite Holiday Shopper Report that polled over 1,000 U.S. consumers, according to a press release.
Additional findings include:
- 30% of respondents reported a reduced budget for this year's holiday shopping compared to last year.
- 33% of consumers expressed intentions to purchase fewer holiday-themed or seasonal products compared to last year.
- Primary reasons for reduced spending this year included the desire to save money (46%), economic uncertainty (39%) and changes in personal financial situations (38%).
- 50% of consumers will be starting their holiday shopping earlier this year compared to last year.
- 76% of respondents prioritize price considerations when making online holiday gift purchases.
- 66% of consumers actively seek out product discounts.
- 56% of respondents plan to shop in discount stores, and 42% intend to take advantage of specific sales events such as Black Friday and Cyber Monday.
"Our latest research reveals valuable insights into consumer behavior during this holiday season as economic uncertainty impacts purchasing decisions," Nfinite founder and CEO Alexandre de Vigan said in the release. "Crucially, retailers must recognize the importance of their content across all channels in shaping consumer purchasing decisions. In today's cost-conscious world, producing compelling content on websites, apps, social media and other channels is crucial for winning consumer spending in an increasingly competitive environment."
