According to an annual holiday purchase intentions consumer survey from Circana, consumer sentiment and intentions related to the 2024 holiday shopping season are improved versus the past two years but still fall short of 2021 levels in most cases.
As they approach the season, more consumers see the 2024 holidays as a break from everything that’s happening in the world, at 66%. Also, more holiday shoppers said they plan on buying additional gifts for others to bring them joy during challenging times, at 40%, and intend on buying more gifts for themselves as part of their own “retail therapy,” at 28%.
Household food and grocery costs will impact holiday shopping for 62% of consumers, yet more holiday shoppers are feeling positive about their personal financial situation, at 57%, than was the case in 2023. More holiday shoppers are also feeling positive about the economy this year, at 36%. Less than a third of holiday shoppers said the upcoming U.S. presidential elections will affect their holiday purchase decisions.
At the same time, many holiday shoppers said they would buy more items that are on sale or promotion, reaching 37%. More survey respondents did some of their holiday shopping during this year’s summer retail promotional events and more plan on participating in fall promotional events than in either of the past two years, Circana pointed out.
Although 19% of holiday shoppers felt fall promotional events would deliver the best bargains, 24% said they think the best deals will occur on Black Friday this holiday shopping season, the highest figure in four years.
More than half of holiday shoppers said they would spend less this holiday season because other costs/expenses have gone up but only 13% said they would likely shop at different stores than they typically do in order to save money.
“Spirits are up heading into the fourth quarter, and consumers are looking to hold on to that feeling of positivity,” Marshal Cohen, Circana chief retail advisor, said in introducing the survey results. “Financial concerns are still present for U.S. consumers, but they have eased which is bringing opportunity to retail this holiday season.”
