The report predicts holiday shopping will exceed pre-pandemic spending for the first time.
Deloitte’s research shows holiday spending is poised to surpass pre-pandemic levels with consumers surveyed expecting to spend an average of $1,652.season reflect a return to pre-pandemic norms — an opportunity for a jolly season for both consumers and retailers, according to Deloitte.
Deloitte’s report points out that nearly 30 percent of shoppers will be responsible for almost 70 percent of the holiday spending this year with expectations to spend an average of $2,146 or more this season. Authors of the report also note that “these high spenders are focused on high-quality products, while other shoppers focus on getting a great deal.”Overall, as consumers plan for the holidays, budgets continue to be top of mind given inflation and student loan repayments.
Timing will also be important in behavior modifications that center around deal-seeking. Sixty-six percent of consumers say they will shop during the Black Friday/Cyber Monday weekend versus 49 percent in 2022. Almost a third of shoppers’ budgets are expected to be spent in the last two weeks of November, with 78 reporting they will be shopping actively during that period.
As consumers seek out deals, they also report preferences for in-store shopping that match 2019 levels, where 37 percent of the budget is expected to be spent in-store. This year only 28 percent of shoppers say they plan to leverage buy online pay in store for gifts, down 35 percent from 2022). The top reasons consumers plan to spend more in-store are the ability to interact with the product , to ensure quality and to avoid shipping costs .
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