Posted by 360 Market Reach ● Oct 11, 2022 8:00:00 AM
Consumers are looking forward to winter holidays full of gift-giving and having a happy holiday.
Consequently, that also means they’re looking to do a lot of gift shopping.
This year, consumers show every sign of embracing the holidays, complete with buying gifts, diversifying how they shop, and even their level of enthusiasm.
You’ll discover the data and details that can help your business prepare for a holiday shopping season rich with opportunity and — of course — the holiday spirit. Our key data points are:
- 95% of consumers are buying gifts
- 79% of consumers are shopping online & in-store
- 67% of consumers are looking forward to holiday shopping
We’ll start with our most promising discovery: most consumers are ready to buy holiday gifts!
1. 95% of Consumers Are Buying Gifts
The most important detail we learned from consumers is that 95% of them say they’re buying gifts this year.
With a near-total percentage of consumers ready with their credit cards, the question isn’t whether consumers are going to buy — it’s what.
To start, the average consumer is going to spend $746 during the holiday season. However, this budget varies widely across generations, with Gen Z reporting the lowest budget and Gen X reporting the highest:
- Boomers: $816
- Gen X: $921
- Millennial: $675
- Gen Z: $478
Consumers also know how they’re going to allocate their gift budgets when they start buying. In our study, we found that:
- 72% of consumers plan to buy apparel
- 64% of consumers plan to buy gift cards
- 53% of consumers plan to buy toys / video games
- 47% of consumers plan to buy electronics
According to our study, consumers have not only planned their budgets, but also identified where they plan to buy these gifts.
2. 79% of Consumers Are Shopping Online and In-Store
Consumers are saying that they’re increasingly comfortable shopping in-store.
This is perhaps one of several reasons why 79% of consumers say they’ll shop both in-store and online this holiday season, as opposed to exclusively shopping with one or the other.
The decision of where to shop may also help explain how a consumer plans to get holiday gifts on their budgets.
Where Consumers Will Shop In-Store
Consumers tell us that they’ll patronize the following types of stores:
- Mass merchandisers (89%)
- Discount department stores (62%)
- Club stores (50%)
- Dollar stores (34%)
Mass merchandisers are the ubiquitous choice among consumers, and it makes sense given the prevalence of retailers like Walmart, Target, and the like.
However, the other three options on this list speak to shoppers looking to make their budget go the furthest.
Discount department stores are conducive with the 72% of consumers who say they’ll be shopping for apparel this holiday season, allowing them to (in theory) get more apparel for less money.
Club stores, like Sam’s Club and Costco, could offer an array of consumers’ high-priority gifts at lower prices than mass merchandisers as well.
Finally, dollar stores — which are especially prevalent among Gen Z — could also offer lower-priority gifts that consumers say they’d like to buy, such as home goods and affordable cosmetics.
It’s also possible that the popularity of Black Friday plays a role in the popularity of mass merchandisers, as 68% of consumers say they’re looking forward to Black Friday for deal opportunities as well.
Where Consumers Will Shop Online
Consumers tell us that they’ll look to the following types of businesses for online purchases:
- Online only retailers (95%)
- Mass merchandiser website (72%)
- Discount department store website (35%)
- Club store website (22%)
Online retailers like Amazon or Etsy, dominate consumers’ online shopping plans when it comes to where they’ll shop. In fact, the appeal of online only stores draws so much attention that it appears to pull attention awayfrom discount department stores and club stores, in particular.
Next, mass merchandisers websites engage nearly 75% of consumers, showing that these retail industry giants have an undeniable — though slightly less powerful — presence online and offline.
Part of the popularity of online stores — and a possible reason they eclipse other kinds of retailers — is the observation of Cyber Monday, which 69% of consumers say they’d like to use as an opportunity to buy.
Altogether, the holiday season is shaping up to be a celebration of gift-buying and gift-giving. But there’s one element of the holidays that we haven’t mentioned yet — its spirit.
3. 67% of Consumers Are Looking Forward to Holiday Shopping
67% of consumers say that they’re “looking forward” to buying gifts this year. Gen Z leads the pack with enthusiasm, as 72% of that generation is excited to buy and give gifts this year.
This coincides with 81% of consumers who say they’re planning to spend as much or more this year, compared to 2021.
While these data points may not speak directly to purchasing power or what consumers want from brands this holiday season, they show an undeniable power that’s re-emerging in 2022: Enthusiasm.
66% of holiday shoppers are not only planning to spend, but they’re planning to spend joyfully and energetically. They’re going to make their holidays happy, regardless of the year they’ve had, and they’re going to share that happiness in the form of gifts.
If your brand can meet them where they are, your business won’t just sell products this holiday season — you’ll spread joy.
Prepare for the Holiday Shopping Season with Our Study
More than 82% of consumers want to have their holiday shopping done by the end of November, and some have already started.
If you want to make sure you’re meeting today’s consumer expectations, our report is here to help. Download your free copy to start planning!
Topics: Shopper Study