Rising prices, continued inflation, three weeks between Thanksgiving and Christmas, deal days starting in early October. There is a lot impacting consumers this holiday shopping season. Recent data from Trax finds that consumers are starting their holiday shopping earlier than ever and scouring for sales. Through Trax’s Shopkick solution, over 7,400 American consumers were surveyed between September 20-23, 2024 to get early holiday shopping insights.
“Inflation has overrun the news cycle in 2024 so it’s no surprise that consumers are more concerned with how to stretch their dollar this holiday season,” says Brittany Billings, CMO at Trax. “It’s more critical than ever that brands level up on their retail execution as product availability on-shelf and executing the right deals at the right time will be the keys to success.”
Key Takeaways:
- Early Bird Gets the Sale: Nearly 40% of shoppers will start their holiday shopping before Halloween. Seventy-six percent of these early birds already have their holiday shopping lists underway.
- Inflation’s Impact: Thirty-six percent of shoppers will be tightening their belts due to ongoing inflation, while 27% will shop more deals and 18% will cut back on non-essential holiday purchases. Only 6% of respondents stated inflation did not impact their holiday shopping.
- Scouring for Sales: Not surprisingly, sales and promotions are the biggest drivers in purchase decisions with 91% of shoppers reporting them as the biggest influence.
- Still Big Spenders: But despite looking for good sales, the majority of consumers (30%) plan to spend over $550 on their holiday shopping.
- Deal Days Dead?: Fewer consumers are prioritizing Deal Days with more turning to coupons. The majority of respondents (72%) will utilize shopping rewards apps or coupons this year, as opposed to 43% who will prioritize big Deal Days (like Prime Day, Walmart Holiday Deals, Target Circle Day and Black Friday).
- Price vs. Preference: While price is clearly the most important factor in choosing where consumers shop (63%), product selection is also critical (25%). If shoppers don’t see what they want on the shelf, 51% reported they will go to a different retailer.
