70% of consumers say economic impacts limit their ability to buy holiday gifts this year
NEW YORK, November 9, 2022 /PRNewswire/ — Economic uncertainty and inflation are having a serious impact on holiday shopping this season, according to a new survey by Big Village Insights, the research and analytics division of Big Village, a global advertising, technology and data company. The survey aims to understand consumers’ current feelings about spending this holiday season and whether they are more or less inclined to stretch their budget. This CARAVAN® Omnibus survey was conducted by Big Village among a sample of 1,008 American adults aged 18 and over.
Data confirms that this holiday shopping season will be reduced for many shoppers, with 46% of consumers saying they’re not willing to spend more this year, even if it means getting the most important items on their list. Additionally, 73% of consumers are willing to settle for bargain brands rather than the name brands they prefer due to inflation. 72% of consumers also think they will have to shop for fewer people because of inflation.
“Inflation and economic uncertainty are having a huge impact on consumers’ plans this holiday shopping season,” said Rich Tomasco, Vice President of Insights/CARAVAN Surveys at Big Village. “Our survey reveals incredibly conscious consumers who are counting every dollar. It’s critical that retailers understand how different this year’s consumer is from years past – and anticipate a more subdued holiday shopping season.”
The survey also shows when and what consumers are buying this year, with 55% of consumers saying they are less likely to buy a luxury/high-priced item this year compared to previous years. Additionally, 59% of consumers planned to start shopping earlier than in previous years due to rising prices. 61% of consumers are on the lookout for deals and sales, shopping during events such as Amazon’s second round of Prime Days earlier in October.
Clothing will be the hottest category for holiday shopping this season, as half of all consumers plan to have it on their shopping list. Gift cards come in second with 49%, while 45% will buy toys and games this year.
Additional key findings include:
- 62% of consumers plan to buy most of their gifts on Black Friday (36%) or Cyber Monday (26%)
- 84% of consumers plan to do at least some of their Christmas shopping in person at physical stores
- 63% of consumers said they do not plan to do curbside pickup this year
- 37% of consumers plan to spend $400-1,000 this holiday shopping season
- Browsing and shopping online has the biggest influence on consumers’ purchasing decisions for holiday gifts (47%)
- 49% of consumers said the advertising they see on social media doesn’t have much of an impact on their buying decisions
For more information on Big Village Insights products and solutions, please visit https://big-village.com/insights/.
Laura CzajaDirector, Corporate Communications
SOURCE Grand Village