Survey: Memorial Day shoppers to spend less; consumers to cut back on summer spend
More consumers plan to to shop Memorial Day sales this year, but they intend to spend less. Tighter budgets will also impact summer spending.
That’s according to survey by RetailMeNot, which found that 36% of consumers plan to shop Memorial Day sales this year, up 18% from 2024. They intend to spend an average of $289, which is down $8 from last year.
The top Memorial Day purchases are all about celebration and summer prep, with food/beverages for a cookout topping the list (34%), followed by eating out at a restaurant or bar (19%), clothing (17%) and home improvement and gardening (17%).
In addition to its survey of consumers’ shopping plans for the holiday weekend, RetailMeNot conducted an additional survey to better understand consumer sentiment regarding spending habits and the overall retail environment. It found that many consumers plan to cut back on specific shopping categories to better manage their budgets this summer.
The top categories where consumers plan to cut back on summer spending include:
- Dining out or takeout (50%);
- Clothing and accessories, (49%);
- Electronics (45%); and
- Travel (42%).
Other findings from the survey are below.
- Over 70% of consumers believe tariffs will make their financial situation worse (40% expect their household finances to be “slightly worse” over the next 6 months due to tariffs, while 31% expect it to be “much worse”).
- The majority (55%) of consumers said that they’re feeling an increased pressure on their overall household budget and 31% said that they’re concerned about affording their summer plans.
- In the past month, shoppers stated that they have noticed price increases on numerous shopping categories including groceries (71%); dining out (43%); electronics (35%); fashion (32%) and gasoline/fuel (31).