Female US shoppers to spend 11% more than they did in 2022: PwC

Almost two-fifths of consumers will spend more overall than they did last year. Those with household incomes of $120,000 or more will exceed an average of $3,000. Other big spenders include newer generations of shoppers, travelers and emerging tech users, said a PwC note.

Lingering concerns about inflation notwithstanding, almost 80 per cent of consumers will spend the same as or more than they did last year.

Consumers have been pulling back on discretionary spending, including shopping for clothes. Some are switching to non-branded products.

Gen Z consumers (17-25 years old) are on the cusp of expanding their spending. They will spend $1,275, i.e., 15 per cent more than 2022 and the widest percentage increase of any age group.

Gen Z likes to browse for gift ideas in stores (67 per cent versus 58 per cent overall) and on social media (41 per cent versus 31 per cent). It also prefers social media for comparison shopping (34 per cent versus 27 per cent) and learning about sustainable companies (70 per cent versus 51 per cent). Mobile payment is their speed (35 per cent versus 21 per cent).

A few diehard enthusiasts are embracing emerging tech retail help. While they represent a scant 20 per cent of US consumers, more than half earn over $65,000.

Female shoppers will spend 11 per cent more this year than they did last year, continuing the trend of boosting the economy that they started over the summer. Laser-focused on value, they scout deals more than their male counterparts. They also care more deeply about price, free returns, convenience and speed.

Women are not as brand-loyal as men (59 per cent versus 67 per cent). Rather, they are open to switching loyalties based on the values they deem important.

More than 75 per cent of consumers are on the hunt for deals this holiday, as part of their effort to counteract price increases. Aware that a pre-season of holiday deals is increasingly becoming the norm, they are biding their time while waiting for the best deals, the PwC survey found.

Across generations, home delivery remains widely popular. Meanwhile, in-store and curbside pickup have stabilised, after a bump during the early years of the pandemic. Ultimately, consumers want to be able to select a combination of physical and digital channels for each shopping trip.

ALCHEMPro News Desk (DS)