Holiday shopping looks to be back, with spending expected to surpass pre-pandemic levels for the first time, according to the just-released “2023 Deloitte Holiday Retail Survey.” Many shopping trends tracked by the survey represent a return to pre-pandemic norms, demonstrating the opportunity for a jolly season for consumers and retailers alike, the report’s introduction notes.
Among the survey’s most noteworthy findings:
- Consumers surveyed plan to spend an average of $1,652, representing a 14 percent year-over-year increase, though a modest four-year CAGR of 2.5 percent reflects a normalization of trends.
- Nearly three-quarters (72 percent) of consumers surveyed expect higher prices and plan to navigate inflation by budgeting for fewer gifts (eight versus nine in 2022), spending more on gift cards ($300 versus $217 in 2022), and seeking out deals (66 percent plan to shop Black Friday/Cyber Monday versus 49 percent in 2022).
- Student loan repayments are a lump of coal for some but will likely have a minimal impact overall on the holiday season.
“After several years of uncertainty, shoppers are returning to the familiar to make their holiday celebrations shine,” said Deloitte Consulting Principal Brian McCarthy. “They plan to frequent their favorite retailers and focus their shopping during the traditional late fall period. With customers planning to shop fewer weeks, retailers have a shorter amount of time to gain consumers’ attention, highlighting the importance of the November promotional events this holiday season.”
Deloitte’s “2023 Holiday Retail Survey” drew responses from 4,330 consumers between Aug. 30 and Sept. 8. Deloitte also surveyed 43 retail industry executives, of which 93 percent were from retailers with annual revenues of $1 billion or more, conducted June 23-30.
Click here for more from the survey.