Nearly half, 41%, of consumers will be splurging on gift for themselves while tightening their spend elsewhere.
That’s a prime finding of Vericast’s 2024 Holiday Retail TrendWatch report that polled 1,000 U.S. adults.
The trend is biggest among Gen z and millennials. The data also revealed 46% said they need to budget more and spend less overall on holiday gifts this year, according to a press release on the findings.
“Inflation has slowed, but that doesn’t mean it has stopped impacting wallets,” Chip West, consumer behavior and retail category expert at Vericast, said in the release. “Consumers will always spend around the holidays, but rising costs mean they are tightening their belts and putting more thought into what, how, and when they will buy — from gift giving to dining out during the season. Understanding how consumers are planning to shop this year can help marketers capitalize on moments in time and reach shoppers across channels.”
Additional findings include:
- 44% of consumers plan to start shopping for the holidays in October or earlier, down from 47% in 2023.
- 31% of parents, more likely than other consumer groups, do most of their shopping in October or earlier.
- Most consumers (74%) plan to do most of their holiday shopping in November (41%) and December (33%).
- Almost a third of consumers plan shopping days dedicated to buying holiday gifts. Almost half (44%) of Gen Z respondents say they do this.
- 50% say they buy gifts for people as they see them leading up to the holidays. More than half of Millennial and Gen Z respondents agree.
- 38% of respondents say they are most interested in receiving deals and discounts that will make holiday shopping more affordable. 56% say the holiday season is a great time of year to make purchases because of sales and discounts.
- 27% want to hear from advertisers about where to shop to find the best deals locally and 23% are interested in receiving information about restaurant deals for busy days.
- When asked about the best ways to find out about promotions and discounts from retailers during the holiday shopping season, consumers noted top preferences as email (35%), coupons in the mail or newspaper (33%), and online coupons or discounts (29%).
- Consumers also expect to feel the love this holiday season, with 20% saying they shop with brands offering points or loyalty rewards to find the best deals for holiday purchases, up from 16% in 2023.