Survey results from 1,750 shoppers show consumers are adjusting spending habits in anticipation of supply chain delays, taking more of an interest in eco-conscious brands, and plan to spend more this Black Friday than last year
Maker/Sights, a retail technology company that empowers retail brands to deliver consumer-driven assortments to market, releases its Customer Sentiment Report on Holiday Shopping today. The report examined 1,750 holiday shoppers throughout the U.S. on their attitudes, opinions, and shifting buying preferences ahead of the holiday season.
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“This holiday season retailers are faced with unique challenges, such as supply chain disruptions, difficult inventory planning decisions, and safety concerns due to the COVID-19 pandemic. Our survey results are a warning for retailers to ramp up e-commerce and prepare for early orders”
Consumer concern toward sustainability is increasing. The survey results indicated that not only are consumers more likely to purchase from brands with sustainable initiatives than those without (68 percent), many will also refrain from shopping at brands without sustainable practices altogether (42 percent). The eco-conscious buying inclination is on the rise, with 68 percent of all shoppers saying that buying from sustainable brands is more important this holiday season than it was last holiday season. Younger generations are particularly adamant in their support of eco-friendly businesses with 55 percent of Gen Zers and 49 percent of Millennials sharing that they will only buy from brands with sustainability initiatives compared to just 35 percent of Gen Xers and 29 percent of Baby Boomers.
“Younger generations, especially Gen Z, increasingly value sustainability. This demographic recognizes the urgency of environmental impact and expects a new level of accountability from brands,” said Maker/Sights CEO Dan Leahy. “With over $140B in anticipated spending power, Gen Z will overwhelmingly make up the largest consumer group in the near future. Brands need to make changes now to cater to this group’s sentiment around sustainability or be prepared to lose market share to other brands that do make the planet a priority.”
The report also indicated that most shoppers (80 percent) intend to begin shopping earlier and spend more (52 percent) money due to supply chain disruptions. More than three-quarters (78 percent) of respondents plan to increase their online shopping this year due to an abundance of steep discounts that are only available online and continuing health concerns about the safety of in-person shopping. In line with a general willingness to spend more on holiday shopping this season, 42 percent of consumers plan to spend more on Black Friday this year.
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“This holiday season retailers are faced with unique challenges, such as supply chain disruptions, difficult inventory planning decisions, and safety concerns due to the COVID-19 pandemic. Our survey results are a warning for retailers to ramp up e-commerce and prepare for early orders,” added Leahy.
Other notable findings include:
- Buying preferences skew toward loungewear (37 percent) and more versatile pieces (34 percent) as consumers prepare for another winter of uncertainty due to the pandemic.
- Black Friday remains a popular holiday shopping opportunity with 62 percent of consumers planning to partake this year.
- The signature holiday shopping tradition is also expected to attract more younger shoppers than older ones with 76 percent of Gen Z and 73 percent of Millennial consumers expected to shop on Black Friday compared to just 54 percent of Gen Xers and 38 percent of Baby Boomers.