Nearly half of holiday shoppers plan to seek out sales events
Another survey confirms that saving money is top of mind for holiday shoppers this year.
Nearly half of U.S. consumers who plan on shopping this holiday season say they will utilize pre-season sales events to find the best deals, according to a new survey from Mintel. Forty-four percent of consumers polled said they will shop during these events, including Amazon Prime. Black Friday and Cyber Monday remain popular, with 45% of those surveyed saying they will shop on the post-Thanksgiving shopping days. Over a quarter (28%) of winter holiday shoppers agree that it is even more critical to shop on Black Friday or Cyber Monday than previous years because of inflation/rising prices.
When asked how inflation impacts their spending, 42% of winter holiday shoppers say they purchase fewer gifts, while nearly a quarter (24%) say they switch to lower-priced retailers.
Three in five (59%) consumers who plan to do winter holiday shopping in 2023 say they want to spend the least amount of money possible. However, 62% of winter holiday shoppers say they are excited to resume more in-person events and gatherings, which could increase spending.
"While the inflation rate may be cooling from peak highs, consumers are still feeling the squeeze of economic pressures,” said Brittany Steiger, retail and e-commerce analyst at Mintel. “In 2022, consumers pulled back on their holiday spending, purchasing fewer gifts and setting spending limits. This year, our research shows that consumers will participate more in pre-season shopping sales, such as Amazon Prime Day, to take advantage of the deals and discounts as they remain value-conscious and look to spend as little as possible.”
Increased prices could lead many shoppers to opt for pre-owned gifts. Nearly half (48%) of winter holiday shoppers agree they are open to shopping for pre-owned gifts, with 68% of Gen Z consumers aged 18-24 revealing they are most likely to shop second-hand this holiday season
Mintel predicts that winter holiday sales will grow 5.4% to reach $1.07 trillion.
"To remain competitive, retailers must position sales and promotions throughout the season and consider personalized deals that are tailored to consumers' preferences,” added Steiger. “Our research shows the most popular retail promotions are percentage-off discounts, BOGO deals, gift card offers and free gifts with purchase."