More consumers are prioritizing shopping for bargains in-store this year compared to last.
Americans aren’t letting inflation and the potential of a recession crimp their spending.
Sixty-seven percent of Americans said they plan to spend either the same or more in 2023 as they did last year on retail purchases, according to a survey commissioned by on-demand pay solution DailyPay and Dollar Tree. And 44% are more likely to prioritize shopping for bargains in-store this year compared to last.
Signaling a continued increase in in-person shopping, about three out of four Americans (73%) plan on shopping the same or more in-store in 2023 versus last year.
The survey, conducted by The Harris Poll among over 2,000 U.S. adults, also revealed Americans' preferences regarding buying particular items in-store versus online:
81% in-store for furniture;
69% in-store for home goods;
65% in-store for apparel;
65% in-store for sporting goods; and
59% in-store for electronics.
“It's encouraging to see that Americans' spending plans are trending upward with only a third planning to spend less this year despite these times of financial uncertainty," said Kate Cheesman, VP of customer success, DailyPay. "With more people shopping in-store, retailers will be prioritizing retaining their top talent to maximize their in-store experience."
Dollar Tree, which operates more than 16,000 stores across the Family Dollar and Dollar Tree banners, are seeing similar trends to those revealed in the survey.
"Our customers are incredibly savvy and taking advantage of our value-price model to stretch their money even further during these uncertain economic times," said Mike Creedon, COO, Dollar Tree. "While discretionary purchases remained strong, we're also seeing an increase in consumables in Dollar Tree and Family Dollar stores."
The survey was conducted online within the United States by The Harris Poll from January 4-6, 2023 among 2,032 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.8 percentage points using a 95% confidence level.
Dollar Tree operated 16,293 stores across 48 states and five Canadian provinces as of October 29, 2022. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.