Many shoppers plan to spend their average amount on holiday gifts regardless of rising prices. A survey conducted by the National Retail Federation found that 62% of shoppers believe it is important to prioritize spending on holiday celebrations and gifts this season, even if they need to cut back in other areas. Forty-three percent say they can’t afford holiday spending but are rearranging where their money is being allocated to make their plans work. Forty percent plan to use their savings and 22% will sell assets to supplement income. Some shoppers will take advantage of services like buy now, pay later (32%) and others have decided to go into credit card debt (40%) to celebrate the holidays.
The research was conducted in late September 2022 with 2,000 consumers. Read more.
This holiday season, Canadian consumers are planning to lower their spending by making smarter financial decisions and prioritizing connection. The Deloitte 2022 holiday retail outlook found that this year, Canadians will spend 17% less than they did in 2021. Thirty-seven percent say they plan to shop for holiday gifts earlier this year. Seventy-two percent say they are willing to switch to alternative brands to find the lowest prices available and 43% say they will spend more time comparing prices to find the best one. Forty-one percent are planning formal meals and 37% are hosting get-togethers with friends and family to celebrate the holidays.
The research was conducted with over 1,000 Canadian consumers. Read more.
People are getting ready for the holidays in their own ways. According to Jungle Scout, 66% of Millennials and 16% of Gen Z plan to shop for specific brands this holiday season and 13% of Gen X and 13% of Baby Boomers plan to search for deals and discounts for wish-list items. This year, 59% of consumers will purchase physical gifts, 29% will give gift cards and 29% will gift virtual products like subscr...