Jungle Scout’s Q4 Consumer Trends Report explores end-of-year e-commerce trends, with insights into inflation, holiday shopping, the impact of social media on gift-giving, and financial priorities for the new year.
Jungle Scout, the leading all-in-one platform for e-commerce sellers, released its Q4 2022 Consumer Trends Report, a survey of more than 1,000 U.S. consumers on spending and behavior during the 2022 holiday season. The report examines how shoppers navigate the current economic climate and finds that consumers are expected to spend nearly 40% less on holiday-related expenses this year compared to the 10-year national average.
Insights from the report include:
Consumers are tightening their wallets ahead of the holiday season.
- 33% of consumers are reducing holiday expenses, and the top ways they plan to cut back include spending less on gifts and decorations.
- More than half (58%) of consumers are searching for deals and discounts when holiday shopping.
Read More: WebSell Awarded Best Value In 2022 For E-Commerce Software
Holiday shopping is increasingly influenced by digital media and technology.
- 20% of U.S. consumers get holiday gift ideas from social media, with Facebook leading as a source of inspiration, followed by Instagram and TikTok.
- Virtual gifts like streaming and music subscriptions are among the most popular gifts of 2022.
Fiscally responsible self-indulgence will be a top priority for consumers in 2023.
- 54% of consumers are making travel plans for 2023 — up 16% from last year.
- While re-evaluating finances is a priority for 79% of consumers, some say things like dining out, getting manicures and smoking or vaping remain non-negotiable expenses in 2023.
“Consumer expectations and priorities will shift in 2023, as inflation continues to impact spending,” says Michael Scheschuk, President of Small & Medium Business at Jungle Scout. “As e-commerce advances, consumers will seek personalization at every stage of the customer journey. Brands should diversify sales channels and consider expanding into social commerce through popular platforms like TikTok, allowing them to engage with new audiences in more authentic and memorable ways.”
Read More: SalesTechStar Interview with Pulkit Agrawal, Co-founder and CEO at Chameleon