Holiday shopping budgets are on the rise after being relatively stagnant for the last three years, according to the Ipsos Consumer Tracker
However, there seems to be a mix of emotions surrounding this season’s shopping.
While a good portion of shoppers plan to increase their spending, they also have concerns about gift affordability and crowded retail spaces.
Based on these insights, retailers should prepare for the holiday surge by:
Catering to Millennial and Gen Z shoppers
who are likely to increase their holiday spending, prioritizing digital shopping experiences
Enhancing their in-store environment to provide a welcoming and stress-free shopping experience, addressing affordability concerns through varied pricing and deals
Preparing for larger crowds to ensure a pleasant shopping experience
Optimizing for omni-channel shopping to provide a seamless shopping experience across both physical and digital channels
The holiday spending outlook improves year-over-year
Approximately one-third of consumers
24%
This represents a positive shift in consumer sentiment since the pandemic, as only
planned to increase their budget in November 2022 and 21% in 2020.
While some consumers have already begun their holiday shopping adventures, the majority
intend to begin in November or December.
55%
About four in ten
Millennial and Gen Z consumers plan to buy gifts for more people this year
41%
And half
of them plan to spend more during the holiday season
50%
It’s worth noting that these generations are most likely to start their holiday shopping in November, so there is still a short window of time to ensure the buying experience caters to their shopping preferences.
Authors:
Charlene Richey, Silvana Daehn, Connor Simmons
The upcoming shopping season is likely to bring rising holiday budgets and stress. Are retailers prepared to meet consumer needs?
What to expect from the 2023 holiday season
Key Takeaways
Half of Millennial and Gen Z consumers plan to spend more during the holiday season
About four in ten (41%) Millennial and Gen Z consumers plan to buy gifts for more people this year
Approximately one-third of consumers (32%) plan to increase their holiday shopping budget this year
plan to increase their holiday shopping budget this year, with most of their shopping still ahead
32%
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Charlene Richey
SVP, US Channel Performance
charlene.richey@ipsos.com
Curious to learn more? Contact us!
Half of Millennial and Gen Z consumers plan to spend more during the holiday season
About four in ten (41%) Millennial and Gen Z consumers plan to buy gifts for more people this year
Approximately one-third of consumers (32%) plan to increase their holiday shopping budget this year
Key Takeaways
Authors:
Charlene Richey, Silvana Daehn, Connor Simmons
The upcoming shopping season is likely to bring rising holiday budgets and stress. Are retailers prepared to meet consumer needs?
What to expect from the 2023 holiday season
Holiday shopping budgets are on the rise after being relatively stagnant for the last three years, according to the Ipsos Consumer Tracker
However, there seems to be a mix of emotions surrounding this season’s shopping.
While a good portion of shoppers plan to increase their spending, they also have concerns about gift affordability and crowded retail spaces.
Based on these insights, retailers should prepare for the holiday surge by:
Catering to Millennial and Gen Z shoppers who are likely to increase their holiday spending, prioritizing digital shopping experiences
Enhancing their in-store environment to provide a welcoming and stress-free shopping experience, addressing affordability concerns through varied pricing and deals
Preparing for larger crowds to ensure a pleasant shopping experience
Optimizing for omni-channel shopping to provide a seamless shopping experience across both physical and digital channels
The holiday spending outlook improves year-over-year
Approximately one-third of consumers
32%
plan to increase their holiday shopping budget this year, with most of their shopping still ahead
This represents a positive shift in consumer sentiment since the pandemic, as only
planned to increase their budget in November 2022 and 21% in 2020.
24%
While some consumers have already begun their holiday shopping adventures, the majority
intend to begin in November or December.
55%
About four in ten
Millennial and Gen Z consumers plan to buy gifts for more people this year
41%
And half
of them plan to spend more during the holiday season
50%
It’s worth noting that these generations are most likely to start their holiday shopping in November, so there is still a short window of time to ensure the buying experience caters to their shopping preferences.
Download the Full POV
Back to Top
Charlene Richey
SVP, US Channel Performance
charlene.richey@ipsos.com
Curious to learn more? Contact us!