2024 US Holiday Shopping Season Forecast: 76% of Shoppers Plan to Increase Gifting Budgets

It is learned that recently, according to foreign media reports, with the promotion of falling inflation, low unemployment rate and rising wages, the 2024 US holiday shopping season seems to usher in a busy sales boom.

Although forecasts for holiday sales vary, in general, this is undoubtedly good news for brands and sellers. McKinsey predicts that nearly 41% of consumers are significantly more optimistic about the US economy in the third quarter of 2024, up 8% from the second quarter. Adobe predicts that from November 1 to December 31, US online sales are expected to be close to $241 billion, an increase of 8.4% year-on-year. During Cyber ​​Week (the five days between Thanksgiving and Cyber ​​Monday), it is expected to generate $40.6 billion in online spending, accounting for nearly 17% of holiday sales.

As brands and sellers launch promotions early, consumer shopping behavior is also changing. A new survey shows that nearly 59% of shoppers plan to cut back on daily spending to prioritize gift-giving budgets, while 76% of shoppers say they will maintain or increase gift purchases during the holiday season.

The survey also revealed differences in holiday shopping between different generations. Generation Z and millennials are expected to lead this year's shopping boom, and their optimism about their personal financial situation has driven gift-giving intentions. About 48% of Generation Z and 40% of millennials expect their personal finances to improve. And this young group's preference for online shopping makes them significantly more active in buying gifts than other generations.

In addition, the factors that influence consumers' shopping decisions are also different: 65% of Generation Z and Millennials rely on social media to obtain discount information, while only 35% of the older generation only pay attention to price, and the purchasing decisions of baby boomers are more influenced by cost factors.

As the economy recovers, the 2024 holiday season will usher in a shopping season full of opportunities. If brands and sellers can respect the shopping preferences of consumers of different ages and formulate targeted marketing strategies, they may be able to achieve real growth in the upcoming holiday shopping season.

Author✎ Summer/
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