US consumers to raise spending by 7% during 2023 holiday season: PwC

Big spenders include newer generations of shoppers, travellers and emerging tech users.

While millennials—many in their peak earning years—are still at the top of the holiday spending heap, Gen Z consumers (17-25 years old) are on the cusp of expanding theirs. They will spend 15 per cent more than 2022 and see the widest percentage increase of any age group.

Gen Z prefers social media for comparison shopping and learning about sustainable companies. Mobile payment is their speed, the survey noted.

Female US shoppers will spend 11 per cent more this year than they did last year. Laser-focused on value, they scout deals more than their male counterparts. They also care more deeply about price, free returns, convenience and speed.

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.

Most will do the bulk of their shopping in early November while some will hold out for Black Friday sales. Meanwhile, those who plan ahead have already stocked up on gifts during ongoing midyear sales because they found what they wanted at the right price, PwC said on its website.

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.

Shoppers want the certainty of knowing their orders will arrive as promised. Proof of delivery, easy-to-use tracking  and flexible delivery times are priorities. For pickup, stores close to home and convenient curbside options matter.

ALCHEMPro News Desk (DS)