Quicktake: Holiday shoppers are already on the move
Holiday 2022: Shoppers are already on the move
As of early September, 21% of shoppers had started their holiday shopping.
While Halloween is still on the horizon, a significant number of shoppers are thinking ahead to their holiday purchases. One in five shoppers (21%) has begun their holiday shopping. This is consistent across the major generational cohorts (Gen Z, millennials, Gen X and baby boomers). By the end of October, 55% of shoppers will have started shopping, and millennials (63%) are most likely to lead these “early bird” tendencies. Read on for more first-look insights as the biggest shopping season of the year approaches.
Spending more
About a third of shoppers (36%) plan to spend more on holiday purchases this year compared to last. Gen Z and millennials are gearing up to be holiday’s most bullish spenders.
Watching inflation
Shoppers’ spending outlook is undoubtedly complicated by persistent inflation. Eighty-three percent said that price hikes are impacting purchase plans. Gen Z and millennials are driving this figure.
Willing to spend
Despite inflation, 86% say they could be coaxed into spending more than planned if offered additional perks (e.g., free gift, cardholder discount) or financing via BNPL or credit card.
Key takeaway: Getting a jump on holiday sales
While shoppers — so far — continue to exhibit a willingness to spend despite persistent inflation, the key to ringing up holiday sales will be ensuring that the emotional component of getting a “good deal” is satisfied. While a percentage discount may go a long way with shoppers, other aspects — great customer service, seamless online experience, emphasis on value (read: quality) — could also buoy solid sales without devolving into price wars with competing retailers.
Source: Bread Financial, Holiday Look Ahead survey, September 2022
