Consumer Behavior

Economics not an issue for some holiday shoppers

Photo by istock.com

October 6, 2022

While many consumers are worried about the economy some aren't going to cut back spending this holiday season.

That's a prime finding from a Samba TV and HarrisX survey that polled 2,500 U.S. adults. The data also revealed consumers are shopping earlier this year.

Key findings include:

• 3 in 4 U.S. adults (74%) plan to spend the same or more money this year on holiday shopping as they did last year.
• The average adult plans to spend $1,041 this holiday season.
• 83% of millennials plan to spend the same or more money this year on holiday shopping.
• However, due to inflation and the rising price of goods, almost half of consumers (47%) say they might actually pair down holiday shopping and purchase fewer gifts.
• 31% of U.S. adults plan to do most or all of their shopping in-store this holiday season — a significant increase from years past. More than 1 in 4 (28%) plan to increase in-store shopping this year compared to last year.
• Just 24% now plan to do all or most of their shopping online. This is a shift from the past few years where COVID-19 concerns fueled a strong shift away from in-store to online.
• In-store shoppers are planning to spend more than online shoppers, with the average person planning to do the majority of their holiday shopping in-store expecting to spend $1,286 this holiday season and the average majority online shopper planning to spend $853.
• 1 in 5 adults (21%) reported starting their holiday shopping before Labor Day. Parents are leading the early shopping charge with 1 in 4 (25%) starting before September.