How Much Money Do You Need to Retire in the UK? Now, theyre turning towards mobile devices. Popular electronic gifts like hair . A review of the 2021 US holiday season and an early preview of the 2022 holidays, including our latest US retail and ecommerce spending forecast. Identify solutions can assess risk activity across channels. Preparing for a rush in last-minute shoppers could pay dividends this year. Consumers are shopping earlier but 65% will still shop later in the season Even though the term Cyber Monday premiered in the 2005 holiday season, the Monday after Thanksgiving overcame Christmas and Halloween day to become the highest spending winter holiday in the United States. This holiday shopping season is especially fraught after months of economic, geopolitical and health concerns that have affected consumers purchasing ability as well as retailers inventory and supply chains. To do so, combine your own intimate knowledge of your customers based on the data theyve shared with advanced analytics. So will the ability to respond to consumer expectations for bargains in time for the holidays. 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. The 2022 holiday shopping season has arrived at a time of high inflation and growing economic uncertainty, but Canadians still intend to spend. Overall, online spending throughout the holiday season is forecast to grow 2.5%, the smallest growth since Adobe started tracking the figure in 2015. Consumers cite wanting a more flexible payment option as the top reason for choosing buy now, pay later services. To better gauge customer attitudes and spending this upcoming season, Kount conducted a Holiday Shopping Trends survey of 2,000 consumers. After a few years of subdued spending, Twin Cities residents are ready to shell out more this holiday season. They only have a certain amount of money, so they have to tighten that list of who they're buying presents for," said Howard Dvorkin, chairman of Debt.com. https://kount.com/blog/holiday-spending-statistics-2022/. Gift cards tend to be a favorite during the holiday season. Q: When are you planning to do the majority of your holiday shopping? In 2017, it went up by $30 to an average of $967.13! Thus, consumers again want to look and feel good, buying new apparel for themselves and their loved ones. 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 Deloitte. The resulting insight can help meet the expectations of those shoppers who are ready to spread holiday cheer. Don't expect as many gifts as usual this holiday season, Deloitte says So, according to statistics, the average US consumer was expected to spend $886 on Christmas in 2021. But they may be even more popular this season. Inflation, early shopping to slow U.S. online holiday spending - report Twin Cities holiday shopping expected to increase in 2022 - Axios Twin Here again, millennials lead the way, with 63% planning to travel. 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. Criminals will often use stolen payment information to purchase e-gift cards that can then be used without the risk of detection or resold for a profit. One in three holidaymakers will cut back on holiday spending next year, seeking all-inclusives and cheaper package deals due to the cost of living . One in three Britons will cut holiday spending as living costs rise In 21 states, the smartphone-generated revenue exceeded 50% of the total. But despite shoppers' financial obstacles, ret . Over the past 10 years, sales have grown by an . Thanks to 9% inflation, you can add about $20 to that tab this year. Criminals can also test stolen account information by making small, seemingly low-risk gift card purchases. Inflation's impact to flatten 2022 holiday spending growth PwC analysis finds that travelers are particularly prone to changing brands after a bad experience. Although Christmas is months away, 59% of Americans are stressed about buying holiday gifts this year due to inflation. High-income households are most likely to have used virtual reality to buy physical products and luxury goods. Criminals can also test stolen account information by making small, seemingly low-risk gift card purchases. Almost 75% of consumers including 87% of boomers are braced for higher prices this holiday season; they are actively bargain-hunting. Businesses should also keep an eye on inventory, particularly popular items, to meet demand for items throughout the end of the season. When not writing, Darko typically explores mountain trails with his loyal Belgian Malinois. Stay updated on industry performance, categories to watch, and emerging trends. Inflation impacting our holidays: How to save while you spend However, gift cards are also extremely vulnerable to e-gift card fraud. Over 41% of consumers say they plan to spend between slightly and much more money during this holiday season compared to last years. Oct. 18, 2022. Thanksgiving is another prominent festive period in American culture, with 88% of Americans eating turkey and spending money on elaborate meal plans. 2022 Deloitte holiday survey | Deloitte Insights Holiday Shopping in 2022. 2022 Holiday Shopping Preview - Forbes Advisor After all, reports reveal that live stream shopping app installs in the first five months of 2022 grew by 77% YoY. Driving the news: Shoppers in the metro expect to spend $1,463 between late October and Christmas, up 20% since last year, according to Deloitte's annual holiday retail survey. With over half of consumers shopping through mobile apps this year, retailers can also expect a rise in social media shopping and discovery. With worries around the cost of goods, the key to capturing holiday revenue this year will be 258, or visit . And it appears that customers will expect these payment methods at checkout during the holidays. View privacy notice. In addition to a higher average spend, fewer low-income shoppers are sitting this season out: 13% in 2022 compared to 21% in 2021. Consumers trust brands that reflect their values. Gift cards tend to be a favorite during the holiday season. The average holiday spending per person was forecasted to be around $997.79. Holiday spending: Grocery budgets hold steady for now, but shoppers Despite an early start and months of preparation, many stores across the United States experienced shipping delays and supply chain issues. Although the overall spending grew by 17% compared to 2019, it was clear that the rising inflation and supply chain shortages would increase prices. Download the retail survey findings 25% Increase in low-income spending, from $536 in 2021 to $671 in 2022 Buy now, pay later (BNPL) options have grown in popularity over the past couple of years. For instance, studies show millennials will spend more cash than any other generation, but their contribution to online spending will be the lowest (63%). Since customers are likely to abandon their cart if their preferred payment method is not offered, merchants should assess their payment methods to ensure maximum offerings and flexibility. Home delivery, the most popular option for online shopping, continues to get more sophisticated as consumers become more accustomed to it and demand more options. Shorten and diversify your supply chains to deliver the right products on time and help keep customers coming back. 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. NRF | Winter Holidays Ankura Releases 2022 Holiday Consumer Spending Survey Results Since 2020, when trust became synonymous with health and safety, brand trust has figured prominently for consumers. 51% of US consumers plan to buy fewer gifts this year than in 2021. Earlier this week, KPMG also predicted a slowdown in holiday spending growth in 2022, with the firm's own holiday sales report expecting an increase in the number of retailers being more . Other top reasons include wanting to break up big purchases into smaller amounts, spending more than they are able to, and not being able to afford the full amount up front. For instance, retail growth set record-breaking numbers, reaching the most substantial growth in the past 20 years. 2021 US holiday review and 2022 outlook - Insider Intelligence Over 26% of Kount survey respondents say they will start their holiday shopping earlier this year compared to last year. These 2022 holiday shoppers plan to spend $823, on average, for a total of more than $178 billion in gift spending. In addition to spending on their families, they will also spend more on themselves than the average holiday shopper. Help keep those brand-loyal millennials coming back by providing the customer experience they seek: the pitch-perfect combination of speed and convenience at the right price from a relatable brand that lines up with their values. Friendly fraud occurs when customers dispute legitimate purchases with their banks, which often results in chargebacks for merchants. During the pandemic, businesses saw the value of moving online. 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. Consumers also want to know more about a companys environmental, social and governance (ESG) efforts. China's holiday spending plunges to seven-year low as zero-Covid Source: PwC Holiday Outlook 2022 Adobe even warned of a potential decline,. Fraudsters use the high-volume traffic of the holidays to blend in, making their high-velocity activity appear normal. In the wake of a pandemic-fueled e-commerce frenzy, U.S. retailers anticipate the 2022 holiday shopping season will yield the smallest year-over-year increase in online sales since at least 2015 . "Retailers in some sectors are trying to offload excess supply. 57 Essential Christmas Shopping Statistics: 2021/2022 Market Share $754 on gifts$452 on travel$224 on entertainment, Download additional generational insights. Its newness and growing popularity paired with the likelihood of customers overextending themselves on BNPL purchases make it a hot target for fraud from bad actors and consumers alike. Well never share your email address and you can opt out at any time. More precisely, online Cyber Monday sales in 2021 climbed to $10.9 billion, with a 1.1% year-over-year growth. Other top reasons include wanting to break up big purchases into smaller amounts, spending more than they are able to, and not being able to afford the full amount up front. 19+ Concerning UK Gender Pay Gap Statistics for 2022, 15+ Astonishing UK Startup Statistics for 2022, Stanford University Produced the Highest Number of Startup Founders in 2022, With 1427 Founders, 13% Of People Living in the UK Have a Missed Energy Bill Since the Beginning of the Year, 18+ Remarkable UK Savings Statistics & Facts for 2022, 73% Of US Millennials Are Now Opting For Sustainable Investments Compared to 21% Of Older Generations, 41% Of Brits Dont Know How Much They Earn Post-tax. Offerings like buy now, pay later are ripe for abuse and could very likely be one of the top holiday scams this year. The biggest online shopping day in American history was Cyber Monday in 2020. Slightly more than half of consumers (53%) are concerned about inflation, up from 45% in 2019. Namely, holiday sales in the US, including e-commerce, recorded the highest growth in the previous two decades! Consumers want to combine physical and digital shopping in whatever way works best for them. 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. Spend the holidays in a new home - mercurynews.com Bargain-hunting is likely to be widespread this holiday season as is shopping at value retailers. 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 . "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. In fact, almost half (48%) expect to spend more this holiday season than they did in 2021, compared to 35% for all age groups. And in the wake of the pandemic job reshuffling, many have traded up for higher paying roles in a job-seekers market. While debit and credit cards will still be king this holiday season, over a third of consumers say they plan to use PayPal. Here are four trends as we enter the 2022 holiday season and what they mean for CX. Identify solutions can assess risk activity across channels. To find out, more than 60% of millennials and Gen Z rely on social media. Please enter valid email address to continue. 50 Mind-Blowing Holiday Spending Statistics - [October 2022] And over half of respondents say they will spend between $101 to $500 on gift cards. More than 48% of survey respondents say they will conduct their holiday shopping via mobile apps this year. / MoneyWatch. Hotels were up +123% and auto rentals were also up +62% YoY. Consumers are also showing interest in other flexible payment options like PayPal and mobile wallets. They also spread brand awareness, encourage repeat purchases, and increase brand loyalty. NRF | 6 things to know about the 2022 holiday shopping season More specifically, consumers are expected to spend 4.6% more on clothing, followed by luxury products . Meanwhile, 33% of customers will peel away if they receive the wrong or damaged item. That's up 20% over pandemic-ravaged 2020 and more than 10% over 2019. Consumers rein in holiday spending in 2022 Canadians are cutting back this holiday season with almost half expecting the economy to worsen next year. Many are likely to go back to browsing in stores as part of the holiday shopping ritual. Businesses can also meet customer money-savings wishes by providing discount incentives throughout the holiday season. Now, the results are in: Our consumer spending forecast for the 2022 holiday season is quite positive. Nearly 2 Million More People Than Last Year Are Expected to Shop From Thanksgiving Day Through Cyber Monday. Holiday Shopping Will Start Sooner Despite the pandemic, labor shortages, supply chain challenges, and inflation concerns, 2021's peak season sales for retailincluding eCommerceincreased over 14% from the year prior, according to the National Retail Federation (NRF). For instance, sales in November and December jumped by 14.1% compared to the same period in 2020. How will they pay? Among those who plan to use social media for holiday shopping research, TikTok is the only one of the top four to grow. Adobe, for example, expects U.S. online holiday sales to hit $209.7 billion during the holiday 2022 season . We will not sell your information. Tourism revenue declined 26% to 287 billion yuan ($40.3 billion) over the week-long holiday from a year ago. Mastercard predicts that consumers will spend 4.2% more shopping online and 7.9% higher than last year. Navigating this years fluctuating shopping dynamics will require patience and persistence with the consumer, and a perspective on the holiday season that extends beyond the traditional retail definition., 516-625-2356janine.marshall@npd.comThe NPD Group900 West Shore RoadPort Washington, NY 11050. Deep Dive: What 2021 Payment Trends Indicate for Debit Holiday Spending January 11, 2022. They also know merchants typically loosen controls around this time to accommodate increased sales. In the wake of the pandemic, they are quick to move on if they cant find what theyre looking for. Although it is difficult to determine how much is spent on Christmas each year, the projections for 2021 revolved around $850 billion and 8.5% YoY growth. 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. Due to the limited amount of corresponding data, e-gift card fraud is very easy to commit and difficult to catch. US Holiday Spending Trends 2022 Holiday Retail Forecasts and Predictions for 2022 | RIS News In total, American consumers have spent $886.7 billion during the 2021 holiday season despite product shortages and shipping delays. By fusing digital and physical identity attributes together, Kounts solutions also allow businesses to gain a true 360-degree view of their customers. Commerce Signals 2022 Holiday Spending Predictions Report Consumers received more than six billion out-of-stock messages during the 2021 holiday season. 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. The omicron news tamped down that acceleration during the rest of December. "Because of the increased pricing, their dollars won't go as far as they did last year.". With more than 148 million US consumers hunting for presents on the last Saturday before Christmas, land-based and online stores inevitably experience inventory scarcity. One in five (20%) holiday shoppers say they will spend less over the holidays because their economic situation has changed. Businesses can use these insights to provide personalized experiences and upsell and cross sell opportunities to good customers. Amidst recession concerns, consumers are offering merchants a lot of earning potential. Subscribe and get key market trends and insights relevant to your industry. To find out more about their expectations and intentions for the season, we asked 4,000 consumers where and when More than one in ten (12%) consumers will be spending less on gifts so they can spend more on holiday entertaining-related expenses, like food, drink, and decorations. Last year, 4% of global holiday sales on a mobile device were made through a social media app. According to Deloitte Canada's 2022 Holiday Retail Outlook, four in ten Canadians have seen their household finances worsen this year. Meeting their expectations will require maintaining a ready supply of desirable products moving swiftly through the ordering and delivery processes while adjusting for sales volumes that could vary significantly across geographic regions and customer segments. However, the key to winning holiday revenue this year will be to earn customer trust by knowing their pain points and listening to their wants. 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