New Survey Reveals Consumers’ Reduced Holiday Shopping Plans Amidst Economic Uncertainty
Consumers reveal rising costs of living, increased grocery prices, and high inflation are to blame for their plans to limit holiday spending in 2023
More than 80 percent of consumers will shop during Cyber Week 2023 according to a new online survey about holiday shopping by Drive Research – but only 22% of respondents have plans to increase their previous spending levels.
Survey data collected from over 1,000 consumers across the U.S. revealed rising costs of living ranked as the greatest concern, with an overwhelming 78% of respondents citing it as a major reason for scaling back their holiday shopping budgets. The relentless surge in grocery prices (67%) and high inflation rates (60%) were also identified by most shoppers as factors contributing to their decision to spend more cautiously this season.
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“Consumers reveal rising costs of living and increased grocery prices are to blame for their decreased holiday spending.”
In spite of these economic concerns, Cyber Week 2023 is anticipated to be a popular shopping period, with consumers seeking deals and discounts to make the most of their holiday budgets. In fact, promotions/sales (81%) and free shipping (80%) will be the biggest driving factors for consumers when choosing where to shop.
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Additionally, online shopping will continue to dominate the Cyber Week landscape, with 68% of consumers planning to shop online for Black Friday and 66% on Cyber Monday. It’s a substantial percentage that only highlights the continued shift towards a more convenient and flexible shopping experience.
In fact, for the first time since the market research company’s inaugural study in 2020, in-person Black Friday shopping is projected to be the least popular, garnering the interest of only 27% of respondents – a 16% decrease from 2022 and a substantial 23% decline from 2021. Whereas, Small Business Saturday emerges as the new frontrunner, with 36% expressing an interest in supporting local establishments on this dedicated shopping day.
