Survey: Two-thirds of consumers tracking holiday prices for best deals
With the holiday shopping season underway, consumers around the globe are on the hunt for value.
That’s according to a new survey from EY of consumers in 19 counties, which found that nearly seven-in-10 (69%) consumers said they are searching for value, despite about a third of them saying they will increase holiday spending.
More than half (52%) of global consumers say they won’t start spending their holiday budget until later in the season, which EY says suggests many are trusting that better deals will emerge as the seasonal sales unfold. Two-thirds (67%) of consumers are actively tracking the holiday offers in the market to make sure they get the best possible deals. That number rises to 73% for consumers with children. Around half of all consumers say they’ve been saving for the holiday season "for some time."
“When selecting a retailer, consumers are prioritizing price over product, a switch from the norm, as the value from promotions will be a differentiator when deciding where to shop,” said EY. “While it works for shoppers, for companies it only intensifies the ongoing challenge of channel fragmentation.”
Despite hunting for value, almost half (48%) of global consumers say if they find the ideal priority gift they will buy it, whether it’s on sale or not. Also, 64% of consumers say they often question the “real value” of the discounts and promotions they see in festive sales. Nearly six-in-10 (58%) predict that the items they want will not be in the sales and promotions anyway.
[READ MORE: Survey: In-store shopping remains key for holiday consumers]
The survey also took stock of how younger shoppers plan to spend during the holidays. Gen Z is expected to spend the most among all age cohorts on clothing & accessories (78%), food & beverage (77%), tech & electronics (68%) and beauty & personal care products (68%) when buying gifts for themselves. Almost half (47%) of younger consumers are particularly willing to buy extra items for themselves if that means they qualify for free shipping, compared with 35% of consumers over the age of 60.
“Self-care and self-reward are themes that resonate much more deeply with younger consumers,” said EY. “Gen Zers are also more interested in beauty and personal care products than clothing, perhaps because they are making shrewd choices about what has to be new and what they can buy used. Retailers may need to rethink traditional gift-focused campaigns to capitalize on this cohort’s preferences.”
EY’s survey included the views of 13,000 respondents across Argentina, Australia, Austria, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, New Zealand, South Africa, South Korea, Spain, Sweden, the U.K. and the U.S. between Sept. 24 and Oct. 7, 2024.
