Connect with us

Headlines

Consumer Survey Shows Shoppers Pulling Back on Gift Spending

Survey also identifies most popular physical and online retailers.

mm

Published

on

iStock, hapabapa
iStock, hapabapa

A recently completed survey of more than 1000 U.S. consumers finds that a growing number are cutting their holiday spending to account for inflation. In addition, the survey – done by ecommerce platform Jungle Scout (Austin, Texas) – identified which brick-and-mortar and online retailers are most popular with respondents.

Those results were contained in Jungle Scout’s Consumer Trends Report for the fourth quarter (October-December) of 2022. Three key findings from the survey:

  • More than 93 percent of consumers are noticing higher prices in their everyday shopping. As record inflation persists, the majority of American shoppers have adjusted their spending, and a third of those are cutting on holiday expenses.
  • Nearly 20 percent of U.S. consumers get holiday gift ideas from social media. Gen Z and Millennial shoppers are more than twice as likely as Gen X and Baby Boomers to buy social media-inspired gifts.
  • Consumers will be more focused on financial security in 2023. While family, physical health, and mental health remain top priorities for consumers, their careers and finances are noticeably more important in the coming year.

As to where respondents shop for gifts: The top two physical stores were Walmart (mentioned by 56 percent) and Target (29 percent), while the most popular online shopping destinations were Amazon (67 percent) and Walmart.com (36 percent).

Click here to register to receive the full report.

Advertisement

SPONSORED VIDEO

When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines

Most Popular