Smartphones and tablets offer maximum convenience and allow users to order goods within seconds. Since we live in a post-pandemic world, social gatherings are back in full force. Inflation-weary consumers are understandably price-sensitive this holiday season, but not as much as they were last year. Those who plan to travel also are big spenders overall: At an average of $2,441 this holiday season, they will spend upwards of $1,000 more than the average consumer. LOS ANGELES, Nov. 3, 2022 /PRNewswire/ -- Despite high inflation and the possibility of a recession, consumers entering into the 2022 holiday season are still planning to shop and spend money. So, according to statistics, the average US consumer was expected to spend $886 on Christmas in 2021. 25+ Holiday Spending Statistics to Know About in 2022 Algeria Angola Benin Botswana Burundi Cameroon Central African Republic Chad Comoros Congo Egypt Eritrea Ethiopia Gabon Ghana Guinea Ivory Coast Kenya Lesotho Liberia Libya Madagascar Malawi Mali Mauritania Morocco Mozambique Namibia Niger Nigeria Rwanda Senegal Seychelles Sierra-Leone Somalia For instance, most shoppers plan to spend an average of $100-150 on Thanksgiving and over $200 on Christmas gifts. Shoppers walk past Macy's in New York. While this is an exciting opportunity for merchants, they should be careful. Consumers spend hours browsing the aisles and shop hopping, searching for quality products and reduced prices. Almost 75% of consumers including 87% of boomers are braced for higher prices this holiday season; they are actively bargain-hunting. Online continues to be a holiday shopping mainstay, holding steady with a 63% share. But for about the same amount of money . Port Washington, N.Y., September 29, 2022 Increased negativity about the economy and their own personal finances is causing 29% of U.S. consumers to think about spending less this holiday season, according to a recentholidaypurchase intentions consumer survey fromThe NPD Group, which recentlymergedwith Information Resources, Inc. (IRI). $754 on gifts$452 on travel$224 on entertainment, Download additional generational insights. The second place went to Black Friday, with around nine billion dollars in online retail sales. Adobe Analytics forecast online sales in November and December to rise 2.5% to $209.7 billion, compared with an 8.6% increase a year ago, as more people also return to in-store shopping and bring . Half of consumers will do their holiday shopping via mobile apps Consumer spending during the 2022 holiday season is projected to rise by 7.1%, according to Mastercard's latest SpendingPulse data shows. In fact, while holiday budgets for consumers at large remain essentially the same as last year, those with household incomes of $120,000 and above will increase holiday spending by 15%. "A lot of consumers like to try on the clothing and are definitely a lot more comfortable going in stores versus how they felt around this time a couple of years ago," Pandya said. Habits formed during the pandemic, like consumers shifting more of their spending online versus in-store, will stick this year. Consumers are ready to get out and celebrate over the 2022 holiday season, but last years optimism has taken a beating as financial concerns have them feeling a bit more grinchy this year, saidMarshal Cohen, chief retail industry advisor for NPD. More than 48% of survey respondents say they will conduct their holiday shopping via mobile apps this year. Increased consumer spending in an economic downtown can mean higher susceptibility to things like friendly fraud. Millennials are the only age group spending more this holiday season than they did last year: 11% more. At this stage in the pandemic, consumers are more comfortable entering stores, and Adobe anticipates more people will make clothing purchases at brick-and-mortar shops versus online, driving down online spending on apparel by nearly 7%. Buy now, pay later (BNPL) options have grown in popularity over the past couple of years. That means many customers will still be shopping right up until the holidays this year and merchants have a good opportunity to capture late-season revenue. "What consumers right now fear more than anything is not getting their hands on that perfect gift, so they're going to buy it right now whether it's on sale or not. Terms of Use Consumers want to combine physical and digital shopping in whatever way works best for them. Over 26% of Kount survey respondents say they will start their holiday shopping earlier this year compared to last year. So, it is no surprise that more than two-thirds of consumers expect higher prices for winter holidays. 2 billion on clothing for Easter 2020. They also know merchants typically loosen controls around this time to accommodate increased sales. The 2022 holiday shopping season has arrived at a time of high inflation and growing economic uncertainty, but Canadians still intend to spend. Amidst recession concerns, consumers are offering merchants a lot of earning potential. One in five holiday shoppers will spend less this season because of a changed . And 50% of consumers told us they are excited about what the metaverse has to offer. 3. Preparing for a rush in last-minute shoppers could pay dividends this year. In fact, U.S. online retail sales are projected to reach a whopping $1.1 trillion in 2022 (17.3% of total retail sales). Being able to pivot in response to fluctuations in consumer demand will be essential in an uncertain economic environment. Toys are 10.5% more expensive this year, so some parents may have to cull their kids' wish lists. Subscribe and get key market trends and insights relevant to your industry. Base: 4,000. Inflation is also driving more people to choose gift cards as presents to make it easier to spread their holiday budget. While most consumers share a pessimistic perspective, two in three retail executives plan for a comeback and expect the economy to improve. In October 2021 alone, online consumers received over two billion out-of-stock notifications. That's driving spending on travel across the broader U.S. population down 11 percentage points, from 42% of Americans who said they intended to travel last year to 31% in 2022, according to. Among those who plan to use social media for holiday shopping research, TikTok is the only one of the top four to grow. And since customers prioritize free shipping and returns, not meeting these expectations could drive shoppers to competitors. The NPD Group Online deals and the return of holiday doorbusters Experts predict that consumers looking for discounts and deals will help drive e-commerce holiday sales growth Deloitte expects 2022 holiday e-commerce sales to increase 12.8% to 14.3% compared to last year, when they grew 8.4% and totaled $231 billion. But it will be up to merchants to address customer concerns and build their confidence this season by offering flexible payment options, omnichannel experiences, and savings incentives. For many, it was even a means of survival. Moreover, holiday spending statistics for 2021 reveal that digital revenue increased by a jaw-dropping 54.9% compared to 2019 and the last pre-COVID period. Pre-pandemic, roughly a third of consumers took holiday trips, most to gather with family and friends and some for a holiday getaway. That means many customers will still be shopping right up until the holidays this year and merchants have a good opportunity to capture late-season revenue. But it will be especially top of mind for customers this holiday season. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.2 billion yuan ($40.4 billion) year-on-year, according to figures from the Ministry of Culture and Tourism . Though more consumers are opting to shop earlier in 2022, 65% of total respondents say they will shop in November and December. Cyber Monday is the most profitable holiday for online shopping, reaching six billion dollars in sales for the 2020 holiday season. As a result, spending on par with 2021 levels is expected during the traditional November and December holiday shopping season, with the potential of 0.5% to 2.5% growth when the season is expanded to include October and January. The average holiday spending per person was forecasted to be around $997.79. In 2020, it was pandemic closures and social distancing. 7 billion on food and $3. Subscribe to receive our monthly news and insights! And they say digital wallets will be their fourth most common payment method used this shopping season. In it, consumers reveal when and where theyll shop, propensity to spend, payment method preferences, top concerns, and best ways to boost their confidence this holiday season. Various factors affect consumer spending and holiday habits, with higher-income groups spending more on winter holidays than low-income populations. Comparing airline bookings to 2019 shows the . Although Christmas is months away, 59% of Americans are stressed about buying holiday gifts this year due to inflation. Source: PwC Holiday Outlook 2022 Popular electronic gifts like hair . Friendly fraud occurs when customers dispute legitimate purchases with their banks, which often results in chargebacks for merchants. About 59% of survey respondents said they were stressed about holiday spending due to inflation, according to a 4Over survey of 1,004 U.S. consumers last month. 08 Nov 2022 Tue Discover 3 Versatile Ways to Create Plant-Based Offerings with Superior Meat-Like Texture + Functionality; 17 Nov 2022 Thu Apoyo a la microbiota . More than 59% of Americans are stressed about buying gifts due to higher prices, and 27% of people expect to go into debt for holiday gift-giving. With offices in 30 cities across the Americas, Europe, and Asia-Pacific, we help you measure, predict, and improve performance across all channels. "That's helping drive momentum for categories like apparel in-store and what that means for online spending for a category like apparel, it's going to be down.". "Because of their limited supply, retailers will probably maintain the same pricing without discounts to move the merchandise.". Adobe even warned of a potential decline,. When not writing, Darko typically explores mountain trails with his loyal Belgian Malinois. Q: When are you planning to do the majority of your holiday shopping? Gift cards tend to be a favorite during the holiday season. In 2020, holiday sales rose 8.2% from the previous year to $777.3 billion, according to the NRF, as consumers cheered themselves up with gift-giving during the pandemic. Consumers are looking for the right deals this year before they commit to holiday shopping, travel and entertainment. The solutions thwart any high-risk activity while letting good customers seamlessly through. 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