Fifteen percent of those surveyed by Salsify anticipate increasing their holiday spending this year.
Despite a rising cost of living, a majority of holiday shoppers plan to maintain their spending levels from previous years.
According to Salsify’s inaugural 2024 Consumer Holiday Shopping Report, 65% of survey respondents plan to spend the same as last year, while an additional 15% anticipate increasing their holiday spending. Six-in-10 survey respondents (61%), a majority of whom are millennials, said they plan on making personal purchases while shopping for gifts.
“In today’s economic climate, it’s understandable that 39% of shoppers are prioritizing budget-friendly options for their everyday purchases, but when it comes to the holidays, our research paints a different picture — folks are ready to open their wallets,” said Salsify research director Dom Scarlett. “This is a golden opportunity for retailers to look back at 2023 and tweak their game plan for 2024. Additionally, by acknowledging and embracing the ‘treat yourself’ trend through tailored promotions such as buy one, get one free offers, retailers can significantly boost consumer engagement.”
Salsify identified five key trends from its 2024 Holiday Shopping Report:
- The “treat yourself” phenomenon hints of a holiday season of self-love Salsify says its surveyed reveals a prominent “Treat Yourself”’ trend: More than half (61%) of shoppers, particularly millennials (73%) and Gen Z (68%), are inclined to purchase items for themselves while engaging in holiday shopping.
- In the shopping channel showdown, Gen Z and Gen X skip online, while millennials and boomers opt for Prime Salsify’s holiday report reveals that physical retail stores emerged as Gen Z’s top choice (58%), surpassing Amazon (55%) and TikTok and Instagram (54%), while mirroring Gen X’s preference, with 62% turning to stores for holiday gift inspiration. However, Amazon remains the go-to for other demographics, with 53% of millennials and 54% of baby boomers relying on online marketplaces.
- October signals the start of holiday shopping bounty When it comes to holiday gift purchases this year, October emerges as the beginning month, with 27% of all shoppers making their first moves, led by Gen X (30%) and followed closely by millennials (29%). As November approaches, 26% of shoppers will begin shopping, with Gen Z (32%) and Millennials (29%) taking the lead. Cyber Week is anticipating to capture 19% of shoppers, while 16% plan to wait until December. Fewer than one-in-10 shoppers (7%) are adopting a year-round approach to holiday shopping.
- Shoppers share tactics for Black Friday & Cyber Monday As anticipation for Black Friday and Cyber Monday builds in 2024, shopper plans come into focus. According to the Salsify report, 62% are gearing up for Black Friday, with Gen Z leading at 75% and millennials close behind at 69%, followed by Gen X (62%) and baby boomers (43%). Looking ahead to Cyber Monday, 45% of shoppers are ready to hit the virtual aisles, with Gen Z (52%) and millennials (49%) showing the most excitement. Gen X (45%) and baby boomers (33%) are also planning to shop online on the e-commerce holiday.
- Shoptastic Selections: Consumers share top product picks for every wishlist Fashion and apparel gifts are expected to take the lead when it comes to gift choices, grabbing the attention of 57% of shoppers, with personal care and beauty gifts close behind at 53%. Electronics also came in strong at 49%, while food and beverage gifts are on the radar for 44% of folks. Alcohol gifts follow closely at 37%. Toy and baby gifts came in with 33% planning to buy them. For outdoor enthusiasts, sports and outdoor gifts are catching the eye of 28% of shoppers. Pet gifts are on the list for 20% of shoppers, while home improvement gifts round out the list at 19%.
The Salsify 2024 Consumer Holiday Shopping Report drew insights gathered from 1,026 shoppers across the U.S. and U.K.