Study: Consumers split on when to start holiday shopping
Consumers are conflicted about saving and spending ahead of the upcoming holiday season.
Forty-one percent of consumers are planning to splurge on gifts for themselves this holiday season, with Gen Z (47%) and millennials (56%) especially planning to do so, according to Vericast’s 2024 Holiday Retail TrendWatch survey of 1,000 U.S. adults. However, nearly half (46%) of consumers say they need to budget more and spend less overall on holiday gifts this year.
The number of consumers willing to spend more was down from last year, specifically among millennials (64%, down eight percentage points), parents (65%, down eight percentage points) and millennial parents (69%, down 11 percentage points).
“Inflation has slowed, but that doesn’t mean it has stopped impacting wallets,” said Chip West, consumer behavior and retail category expert at Vericast. “Consumers will always spend around the holidays, but rising costs mean they are tightening their belts and putting more thought into what, how, and when they will buy – from gift giving to dining out during the season.”
[READ MORE: Older consumers continue to lead spending in 2024]
Vericast found that consumers aren’t shopping early unless enticed to do so. Nearly half (44%) of consumers plan to start shopping for the holidays in October or earlier, down from 47% in 2023, while 31% of parents, more likely than other consumer groups, do most of their shopping in October or earlier. Most consumers (74%) plan to do most of their holiday shopping in November (41%) and December (33%).
Almost a third of consumers plan shopping days dedicated to buying holiday gifts. Almost half (44%) of Gen Z respondents say they do this. Half (50%) of consumers say they buy gifts for people as they see them leading up to the holidays.
Consumers are particular about the offers they want to see from brands. Nearly four-in-10 (38%) respondents say they are most interested in receiving deals and discounts that will make holiday shopping more affordable, and more than half (56%) say the holiday season is a great time of year to make purchases because of sales and discounts.
More than a quarter (27%) of consumers want to hear from advertisers about where to shop to find the best deals locally and 23% are interested in receiving information about restaurant deals for busy days. When asked about the best ways to find out about promotions and discounts from retailers during the holiday shopping season, consumers noted top preferences as email (35%), coupons in the mail or newspaper (33%), and online coupons or discounts (29%).
