How will consumers approach the 2024 holiday season?
With optimism around the economy improving, consumers say they are planning to spend more on gifts this holiday season, according to a new survey.
Optimove Insights’ new Report on Consumer Shopping Intentions for Holiday 2024 found that 50% of respondents feel more confident in the economy, up from 26% in 2023, and 61% plan to budget more for holiday gifts, compared to 35% last year. Nearly six-in-10 (59%) consumers now prioritize service over price, a 37% increase from 2023.
Loyalty will play a big role for nearly all of the surveyed consumers. Ninety-five percent of respondents are likely to revisit a brand or retailer after a positive experience, with 72% being very likely to return. Additionally, 58% of consumers prefer to shop at familiar stores, up from 42% in 2023, and 42% plan to purchase over 60% of their holiday gifts from brands they’ve previously patronized. Consumers also favor early access to promotions, with 56% wanting offers at least a month in advance, and 88% expecting personalized recommendations based on past purchases.
[READ MORE: Consumers' preferences towards holiday promotions include…]
When it comes to holiday promotional marketing from retailers and brands, email is the preferred channel for 59% of respondents, with 36% opening personalized emails. However, 23% desire fewer messages, and 67% expect marketing fatigue by Nov. 1. By December, 81% anticipate burnout. Optimove Insights says that excessive communication leads 87% of consumers to unsubscribe from brands, emphasizing the importance of managing message frequency and relevancy.
Other highlights from the survey include the following:
- 64% of consumers plan to shop online during the holiday season, 37% will shop both online and in-store, and 27% will predominantly shop online.
- 66% of respondents are confident in the security of their personal information when shopping this holiday season, but 14% of consumers display apprehensions about sharing their information.
- 79% of shoppers consider a brand’s environmental commitment important, up from 61% in 2023, while 76% are willing to pay a premium for eco-friendly products, up from 57% last year.
The Optimove Insights Report on Holiday Shopping for 2024 was based on queries from 280 U.S. citizens ages 21-plus on retail shopping holiday intentions in July 2024, and household incomes were $75,000-plus.
