Santa Claus will be especially busy this holiday season.
Deloitte Annual Report Holiday Retail Survey Consumer spending is forecast to reach pre-pandemic levels in 2023, with the average shopper spending $1,652, a 14% increase from 2022 totals.
Rising prices and fears of a recession have not dampened consumer enthusiasm. Deloitte said spending will rise across all income groups, although people plan to give fewer gifts this year, with an average of eight compared to nine last year. Shoppers also plan to use gift cards more frequently to control costs.
“After several years of uncertainty, shoppers are returning to familiar places to make their holiday celebrations shine,” Deloitte Consulting principal Brian McCarthy said in a statement. They plan to frequent their favorite retailers and shop intensively during the traditional late fall period. Because customers plan to shop for a shorter period of time, retailers have less time to capture consumers’ attention, which highlights the importance of November promotions in this period. The Importance of Holidays.”
Black Friday and Cyber Monday are especially important for retailers this year as shoppers look to maximize their budgets and hunt for bargains. About 66% plan to shop on the two biggest retail days, compared with just 49% last year. Nearly a third of shoppers’ budgets will be spent in the last two weeks of November.
They weren’t just in a giving mood, either. This year, more consumers plan to spend on home decorations, and the number of non-gift purchases has climbed to 25%.
Budget? Shoppers admit that this can be a problem. Nearly three-quarters of people said they were tempted to buy a gift when they were out looking for someone else. Only 57% of respondents said they were confident in their ability to stay on budget, down from 63% last year.
This is 36th Deloitte’s annual holiday survey. This year, we interviewed 4,330 consumers and 43 retail executives to make our predictions.
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