2022 U.S. gift-giving season consumption trends: price first, multiple price comparisons

It is learned that the annual holiday season is also the "gift-giving season" for American consumers. Grasping the gift-giving trend of consumers can enable sellers and brands to attract more consumers. A survey by Bread Financial shows that despite inflation, 86% of consumers plan to buy gifts.

Bread Financial surveyed 3,363 respondents aged 18 and over to understand U.S. consumers’ gift shopping spending and plans for the 2022 holiday season and found the following key trends.

Channels where consumers get inspiration for gift giving

45% of survey participants said they would get inspiration through search.

39% observe the preferences of the gift recipient;

35% searched on social media;

33% through gift lists recommended by merchants;

30% on TV;

29% from family and friends;

26% from retail and brand websites;

19% retail and brand gift guides;

17% retail and brand emails;

15% direct mail and magazines;

9% radio;

4% came from referrals from sales staff.

Most consumers surveyed said inflation will affect holiday shopping this year

39% are watching for discounts because they are spending more on food and gas;

26% are considering cheaper options;

25% have a strict budget.

18% are looking at special financing terms;

17% said inflation would not affect their planned holiday purchases.

Differences among consumers of different age groups

Millennials are the most active and engaged holiday shoppers, but they, like Gen Z, are most likely to feel the effects of inflation. The study found that 49% of Gen Z and 48% of Millennials look to social media for gift inspiration.

The data shows that millennials intend to purchase more categories of goods this holiday season, an average of 4.8 items, compared to 4.3 for the general population. On average, this group also plans to purchase 5.6 gift categories, compared to 4.8 for the general population.

By age group, 51% of millennials plan to spend more this holiday season, compared with 50% of Gen Z, 31% of Gen X and 13% of baby boomers. About 88% of Gen Z and 87% of millennials said price increases are affecting holiday purchase plans.

About 55% of holiday shoppers will have started shopping by the end of October, compared with 21% by early November and 8% by early December.

Be more cautious about gift spending

This year, more than 66% of holiday shoppers plan to buy for their spouse, partner or significant other, followed by children at 59% and extended family members at 58%;

56% of Gen Z plan to buy gifts for friends, compared to 43% overall.

23% of consumers plan to give gifts to their pets.

75% of consumers look for deals.

33% of people shop online to save time and money;

29% will spread their budget over a longer shopping period.

Consumers will take multiple actions to get the best deal

52% will shop during retailer deal days such as Amazon Prime Day and Target Deal Days;

47% will compare prices across multiple retailers;

46% will shop on Black Friday and Cyber ​​Monday;

27% will use cash back and affiliate sites;

26% will use a browser extension like Honey to find discount codes.

Editor✎ Ashley/

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