Sitecore, a global leader in digital experience software working with brands like L’Oréal, Microsoft, and United Airlines, recently released its third annual 2023 US Holiday Report. The report reveals valuable insights into consumer shopping trends for the upcoming holiday season among American shoppers, with nearly one-third planning to spend more this year. At the same time, an almost equal number intend to be more cautious with their holiday expenditures.
The study shows that 29% of American consumers are ready to spend more this holiday season, and 28% have already begun shopping spree. Retailers who have started early with their holiday offerings and have tailored their content to meet customer desires are likely to reap the benefits of this trend. However, the economic uncertainty has made 26% of shoppers more cautious about their spending, with 43% stating they’ve already started saving for the holiday season.
“While we expect many consumers will…
spend less as they’re still reeling from the financial impact of inflation, we do expect to see higher spending this year compared to last year,” said Hannah Grap, interim CMO at Sitecore. “But this increased spending doesn’t come without strings attached for brands.
Consumers will do their homework to keep tight control over their spend and will be selective in what and who they spend their money with this season.
Brands must understand their purchasing habits and preferences to win over buyers – and they must build content and experience strategies that reflect these preferences.” This highlights the importance for brands to understand their customers’ concerns and ensure their promoted products align with shopper needs.
In an effort to make the holiday season more affordable, consumers are exploring various strategies. These include cutting back on expenses and subscriptions (55%), taking on side jobs (28%), and selling personal items to earn extra cash (23%)…
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