Consumers plan to spend less, shop earlier this holiday season

Holiday shoppers will be on the lookout for more discounts and sales this year than last. 

That’s according to a  new report from a virtual photography platform Nfinite, which found that consumers are contending with tighter budgets, which will lead to an increased focus on saving money and proactively seeking out discounts while shopping this holiday season.  

Thirty-percent of survey respondents reported a reduced budget for this year's holiday shopping compared to last year. And 33% expressed intentions to purchase fewer holiday-themed or seasonal products compared to last year.

In other findings, 56% of respondents plan to shop in discount stores, and 42% intend to take advantage of specific sales events such as Black Friday and Cyber Monday.

Other insights from Nfinite’s Holiday Shopper Report are below.

•Fifty-percent of consumers will be starting their holiday shopping earlier this year compared to last year.

•Seventy-six of respondents prioritize price considerations when making online holiday gift purchases.

•Sixty-six percent of consumers actively seek out product discounts.

•The primary reasons for reduced spending this year included the desire to save money (46%), economic uncertainty (39%), and changes in personal financial situations (38%).

While search engines retain influence, the study highlights that retailers' websites, apps, and social media platforms significantly shape consumer decisions, the study noted. Research methods such as online product reviews and ratings (57%), browsing retailer websites or apps (55%), and seeking recommendations from friends and family (45%) are popular among consumers.

"Our latest research reveals valuable insights into consumer behavior during this holiday season, as economic uncertainty impacts purchasing decisions," said Nfinite founder and CEO Alexandre de Vigan. "Crucially, retailers must recognize the importance of their content across all channels in shaping consumer purchasing decisions. In today's cost-conscious world, producing compelling content on websites, apps, social media, and other channels is crucial for winning consumer spending in an increasingly competitive environment."