A recent survey by Jones Lang LaSalle (JLL) has revealed that US consumer spending habits are poised for considerable changes this holiday season compared to 2023. The findings suggest a revival in physical retail spaces and a cooling of inflation, contributing to an anticipated 31.7% increase in holiday budgets for 2024.
According to the survey, which gathered insights from over 1,000 consumers, Americans are projected to spend an average of $1,261 each on gifts, festive foods, decorations, and experiences. This surge reflects a shift in consumer priorities, with shoppers increasingly focused on enjoyment rather than just gift-giving.
Notably, over 95% of participants expressed plans to engage in at least one holiday-related activity this year, signifying a stronger inclination towards celebration compared to last year.
The survey indicates that physical stores will regain their significance during the holiday shopping period. Approximately 71% of consumers are expected to utilize multiple shopping channels, with only 12.8% opting for exclusive online orders for home delivery. This underscores a trend where in-store interactions remain crucial for holiday shopping experiences.
Another noteworthy trend is the increasing propensity for consumers to treat themselves during the holiday season. This year, around 83% of respondents plan to buy gifts for themselves, up from 76.2% in 2023.
Deal days are also gaining traction, with more shoppers visiting stores on significant promotional days such as Thanksgiving, Black Friday weekend, and Super Saturday. High-income shoppers, in particular, are more inclined to shop on these deal days, with 71.2% of Gen Z respondents indicating plans to visit stores on Black Friday.
Moreover, the amount of time consumers spend in shopping centers correlates with their willingness to purchase not only gifts but also experiences and holiday-related items such as food and décor. Interestingly, consumers who focus primarily on gift shopping tend to spend less time in stores, likely due to pre-determined shopping lists.
The survey further highlighted that about 65% of high-income earners are likely to commence their holiday shopping before Halloween, contrasting with 50% of moderate-income shoppers (earning between $50,000 and $150,000) and just 41.6% of lower-income shoppers (earning less than $50,000). Additionally, a significant portion of those earning below $150,000 will begin their shopping during the Black Friday weekend, taking advantage of attractive deals.
As the holiday season approaches, these evolving consumer trends signal a vibrant and varied shopping landscape for 2024.
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