67% of consumers reduced spending on "non-essential" items in the last six months (including vacations and holiday shopping). 71% noticed heightened prices in-person over the last six months; 67% noticed rising online prices.
47% of those who noticed higher online prices have reduced online shopping; 35% are increasingly looking for discount codes; 29% are using comparison sites more frequently. 81% adjusted their spending due to inflation. 40% said buying back-to-school supplies were a significant budgetary concern, up from 30% in 2021.
It is likely that total holiday spend will be up this year. However, price increases could mean fewer goods sold. In 2021, Americans spent an average of $611.19 on Christmas gifts. This year, they plan to spend slightly less on gifts: $575.64. And that's not all. Here's some more stats about consumers:
- 84% worry about the impact of inflation on holiday shopping. (U.S. News and World Report)
- 59% expect impact to be moderate or significant (Numerator)
- 51% plan to buy fewer holiday gifts this year (Salesforce)
- 41% expect to spend more than last year. (4Over)
- 38% of US adults say they plan to spend less this holiday season, 32% expect to spend the same (Digital River)
- 15% of U.S. shoppers are unsure if they will buy any gifts this year. (Salesforce)
Not only that, but what's on a consumer's mind when will they shop? They may complain about winter holiday marketing done before Halloween, but many start shopping long before that.
- 37% more in the U.S. plan to start buying gifts earlier (Salesforce)
- 27% are planning to start holiday shopping soon in case inflation gets worse. (4Over)
- 22% had already started in August (eMarketer)
- 17% will start in October, 31% in November, and 13% in December. (4Over)
And what are the most significant purchase motivators? Price, price, and price - according to recent CivicScience research:
34% deals and promotions
21% free shipping
19% product availability
Agree? Disagree? Is it even that simple or smooth - or is the consumer landscape just a lot, lot more granular?