American consumers adjust their spending! Seize this booming holiday in the second quarter

According to the latest data from NPD Group, more than 80% of American consumers plan to reduce their spending in the next three to six months. So far, American consumers have purchased significantly less than a year ago. In addition, the trend of consumption downgrade is also intensifying.

In the first quarter of 2022, despite an average 10% increase in commodity prices, the average amount Americans spent fell by more than 2% and the frequency of consumer purchases fell by 5%. In the latest NPD survey, consumers plan to buy lower-priced goods within 3 to 6 months.

With overall consumption weak, it seems unlikely that orders will surge in the second quarter. However, starting from May 30, American consumers will have a three-day Memorial Day holiday, which is as important to Americans as my country's Qingming Festival, and may lead to a wave of consumption.

In previous years, Americans bought the most mattresses on Memorial Day, but as online promotions diversify, consumers are expanding into other categories. Google Trends shows that shopping keywords for this year's holiday include clothing, hunting equipment and tools.

According to the latest Harris Poll data, nearly half of Americans (47%) intend to shop at Memorial Day sales events, which exceeds plans to host (25%) or attend (36%) Memorial Day celebrations or travel (30%).

The survey shows that in an inflationary environment, Americans may have less spending power than in the past, and consumers may be more sensitive to good deals on commodities. Consumers are 16% more interested in buying outdoor furniture, 15% more for home electronics such as televisions, and 7% more for indoor furniture.

Additionally, more young people plan to celebrate Memorial Day this year. Among those who plan to shop during holiday sales, young people are more likely to buy home electronics (36% vs. 24% of all potential shoppers), personal electronics (24%-18%), and home furnishings (24%-18%).

As the COVID-19 pandemic subsides, consumer concerns about the pandemic have evolved into concerns about the state of the economy, with 50% of Americans saying the coronavirus pandemic will impact their holiday shopping spending and 70% saying rising prices will impact their holiday shopping spending.

Editor✎ Ashley/

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