Circana: Holiday shopping intentions fueled by consumer optimism, hunt for value
Consumers are seeking a holiday escape — and that includes some retail therapy.
The number (64%) of consumers looking forward to this holiday season and those who say simply going out shopping during the holidays puts them in the holiday spirit (57%) are the highest they’ve been in four years, according to the annual holiday purchase intentions consumer survey from Circana. On average, consumers plan to spend $771 on holiday shopping this year, which is 2% higher than last year’s spending intentions but 2% below their plans in 2021.
“Spirits are up heading into the fourth quarter, and consumers are looking to hold on to that feeling of positivity,” said Marshal Cohen, chief retail advisor for Circana. “Financial concerns are still present for U.S. consumers, but they have eased which is bringing opportunity to retail this holiday season.”
In other survey findings, more holiday shoppers are also feeling positive about the state of the economy this year (36%), and less than a third of holiday shoppers say their holiday purchase decisions will be impacted by the election. While 19% of holiday shoppers feel fall promotional events will deliver the best deals, nearly a quarter (24%) say they think they will get the best deals on Black Friday this holiday shopping season — the highest in four years. Many holiday shoppers say they will buy more items that are on sale or promotion (37%).
[READ MORE: RetailMeNot: Holiday shoppers to spend over $1K each in 2024]
Other findings from the Circana survey are below:
- This year, more consumers see the holidays as a break from everything that's happening in the world (66%).
- The holiday shoppers who say they plan on buying more gifts for others to bring them joy during challenging times (40%) and those who plan on buying more gifts for themselves as part of their own “retail-therapy” (28%) have both increased from last year. But neither have not yet reached 2021 levels.
- This year’s household food and grocery costs will impact holiday shopping for 62% of consumers, but more holiday shoppers are feeling positive about their personal financial situation than last year (57%).
“Consumers continue their quest for value this holiday season, bringing the potential for renewed life to a graying Black Friday,” added Cohen. “It is up to manufacturers and retailers to keep holiday spirits high with deals that deliver that sense of value and inspire demand in the absence of new and innovative products."
