Consumer Behavior

Inflation impacting modest income consumers, in-store shopping regains top status

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October 26, 2022

Overall holiday budgets will remain the same as in 2021 but inflation will have a deeper impact on how consumers with modest incomes shop this holiday season, with 49.7% of those earning less than $50,000 planning to significantly cut holiday gift budgets.

Those are top findings from a JLL survey regarding holiday shopper trends and consumer behavior in the upcoming holiday season.

Physical retailers will be happy to learn that in-store shopping has regained its top ranking after two years of COVID-19 which prompted consumers to shop online. Over 63% of U.S. consumers plan to do at least some of their shopping in store this year — up from 58% last year, according to a press release on the findings.

Additional findings include:

• Black Friday will be the most popular deal day for shopping in store, with 39.7% of U.S. consumers planning to shop in person. However, even more plan to shop Black Friday online — 54.2%
• More than half (53.8%) of shoppers will start shopping before Thanksgiving.
• A little over 20% of consumers between 30 and 60 years old will start shopping before Halloween.
• About one third of affluent consumers will start shopping before Halloween.