Holiday shoppers are highly price-conscious this year.
Retailers can expect consumers to be increasingly price-conscious and shopping online for the 2023 holiday season.
That's according to a survey of more than 1,000 U.S. consumers from integration and automation platform provider Celigo in which 69% of respondents said they choose online shopping over physical stores because of its unparalleled convenience. Six in 10 respondents prefer online shopping because they feel they have instant access to a vast selection of readily available items.
Seventy-nine percent of survey respondents expect to spend less than $5,000 this holiday season. Approximately half (49%) of respondents said they plan to spend less than $1,000 on holiday shopping, while 30% revealed they have budgeted between $2,000 and $5,000 for gifts this year.
In other findings, 69% of respondents would like to receive more personalized offers in addition to traditional deals and cost savings. The survey also reveals dwindling consumer interest in the traditional Black Friday and Cyber Monday holiday promotional events.
Close to three in 10 (28%) respondents said that Black Friday will not be important for their 2023 holiday shopping plans and 26% said the same about Cyber Monday.
The survey found some interesting differences in respondent attitude based on their generation. Almost eight in 10 (78%) surveyed baby boomers said convenience is the primary reason they intend to shop more online.
Meanwhile, 49% of Gen Z and millennial respondents indicated they were displeased with holiday delivery timelines in previous years. And more than half of the survey’s Gen X respondents revealed they start holiday shopping as early as August.
The survey also uncovered a number of other interesting data points about consumer plans and attitudes regarding the holiday shopping season:
More than half (53%) of respondents state that they will turn away from a retailer that doesn’t meet their delivery needs, while 45% cited poor customer service as motivation to take their business elsewhere.
More than half (53%) of respondents also say they prefer independent retailers because they stock an array of distinctive products that may not be easily found in larger chains, while 41% said they value the connection when supporting local businesses.
Nearly 50% of respondents plan to begin their holiday shopping as early as September.
Close to six in 10 (58%) respondents stated they will spend no more than five hours on their holiday shopping.