Rising inflation has played a significant role in shaping consumer behaviour, with 28 per cent believing that it's even more essential to capitalise on Black Friday or Cyber Monday deals due to escalating prices. When considering inflation's direct impact, 42 per cent of shoppers have trimmed down on the number of gifts they plan to purchase, while 24 per cent are pivoting towards more affordable retailers, as per Mintel.
By the close of 2023, consumers are expected to hold onto their budget-conscious mindset, a result of the financial strains experienced in recent years. A significant 59 per cent of prospective winter holiday shoppers expressed their intention to minimise spending. The festive spirit remains undeterred. A robust 62 per cent of holiday shoppers are enthusiastic about resuming in-person events and gatherings, highlighting an eagerness to allocate budget for gifting and celebrations. Mintel projects that winter holiday sales will see a growth of 5.4 per cent, touching the $1.07 trillion mark.
The allure of brand-new gifts is diminishing. Nearly half (48 per cent) of holiday shoppers are showing a willingness to explore pre-owned gift options. This sentiment is particularly pronounced among Gen Z consumers, with 68 per cent of those aged 18-24 open to second-hand shopping. Highlighting a shift in shopping habits, the research indicates an 8 per cent year-on-year growth in consumers, especially among Gen Zs and Millennials, planning their holiday shopping at second-hand retailers.
ALCHEMPro News Desk (DP)
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