Consumer Behavior

High-income consumers shopping earlier this holiday season

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September 25, 2023

Consumers, specifically those with high incomes, are starting their holiday shopping earlier this year, according to a Jungle Scout report that polled over 1,000 U.S. consumers.

Nearly half of high-income consumers, 44%, have already started shopping compared to 23% of those with lower income, according to a press release on the findings.

The Q2 2023 Consumer Trends Report also revealed that a hefty number, 79%, said spending has been impacted by inflation in recent months and that online spending increased for more than half of high-income consumers in Q3, compared to 24% of lower-income households.

"Consumers are starting their holiday shopping earlier and adjusting spending due to inflation, transforming the online holiday shopping landscape," Mike Scheschuk, president of small and medium business at Jungle Scout, said in the release. "With consumers eager to take advantage of upcoming shopping events like Prime Big Deal Days and Black Friday, businesses must adapt their strategies by prioritizing competitive deals and a seamless customer experience."

The news comes on the heels of a report predicting e-commerce sales will grow between 10.3% and 12.8% this holiday season compared to 2022 and holiday retail sales will likely increase between 3.5% and 4.6%.