It is learned that recently, Shopkick surveyed more than 14,400 U.S. consumers from September 3 to September 6, 2022 to gain in-depth understanding of how the current economy affects consumers' holiday shopping this year.
Key findings include:
Impact of inflation: 63% of consumers surveyed said that inflation and the economic recession have affected how they plan to shop for the upcoming holidays. In order to save money for holiday gifts, 49% plan to buy discounted items, 37% plan to reduce the number of people to give gifts, and 36% plan to shop online more frequently to reduce driving.
Cutting back on spending: 35% of consumers plan to spend less on holiday shopping this year, and 65% feel less financially secure. Only 11% of respondents plan to spend more, including 41% of Gen Z.
Early holiday shopping: 40% of consumers will start holiday shopping before Thanksgiving, up 15% from last year, and 27% plan to start before Halloween, up 18% from last year.
Shopping Drivers: Consumers say sales and promotions have the greatest influence on them when it comes to starting their holiday shopping (77%), and 32% of Gen Z say in-store holiday decorations have the greatest influence on their holiday shopping.
Black Friday and Cyber Monday are losing popularity: Only 43% of people said they plan to shop on Black Friday this year (down 18% from last year), and 27% plan to shop on Cyber Monday (down 40% from last year).
Younger generations are more likely to shop on the holiday than their elders, with 56% of Gen Z and 50% of Millennials planning to buy on Black Friday, compared to 44% of Gen X and Baby Boomers.
Online and in-store shopping: 71% of shoppers said they will use a combination of online and in-store shopping, compared to 57% who planned to do the majority of their shopping online last year.
Preferred Shopping Channels: 73% of consumers plan to shop at online retailers, and 98% say Amazon will be their top shopping destination. In addition to Amazon, younger generations (43% of Gen Z and 35% of Millennials) also plan to shop at Etsy, while older generations will prefer eBay (23%).
Focus on delivery speed: 91% of consumers said free shipping is the most important incentive for holiday shopping. Other online shopping incentives include fast shipping (59%), flexible and extended return policies (42%), "buy now, pay later" (19%) and BOPIS (15%).
Sustainable consumption: To improve sustainability, 41% plan to shop at fewer stores to minimize gas emissions, 31% plan to bring their own shopping bags into stores, and 20% plan to reuse last year’s gift wrap.
“As inflation continues to weigh on consumer budgets and fears of a recession linger, brands are working to maximize value for their customers,” said Brittany Billings, executive vice president of marketing and strategic markets at Shopkick. Editor✎ Ashley/ Disclaimer: This article is copyrighted and may not be reproduced without permission. |
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