A new report from Nfinite uncovers consumers, influenced by economic uncertainty, will seek out more discounts and sales compared to last year
Nfinite, the leader in next-generation product visualization technology for brands and retailers, announced the release of the Nfinite Holiday Shopper Report, presenting findings from a survey of over 1,000 consumers in the United States. The report provides retailers with valuable insights into consumer behavior, enabling them to develop effective strategies and navigate the evolving landscape of holiday shopping.
The survey highlights that consumers are contending with tighter budgets, leading to an increased focus on saving money and proactively seeking out discounts while shopping this holiday season. Key findings include:
- 30% of respondents reported a reduced budget for this year’s holiday shopping compared to last year.
- 33% of consumers expressed intentions to purchase fewer holiday-themed or seasonal products compared to last year.
- Primary reasons for reduced spending this year included the desire to save money (46%), economic uncertainty (39%), and changes in personal financial situations (38%).
Read More: Accenture Expands Technology Strategy Capabilities With Acquisition Of Strongbow Consulting
In spite of these prudent spending trends, consumers will remain actively engaged in holiday gift-giving and celebrations this year. Noteworthy insights include:
- 50% of consumers will be starting their holiday shopping earlier this year compared to last year.
- 76% of respondents prioritize price considerations when making online holiday gift purchases.
- 66% of consumers actively seek out product discounts.
- 56% of respondents plan to shop in discount stores, and 42% intend to take advantage of specific sales events such as Black Friday and Cyber Monday.
Read More: SalesTechStar Interview with Shaun Shirazian, Chief Product Officer at Pipedrive
The report emphasizes the critical role of retailers in providing guidance and information to consumers during the holiday shopping journey. While search engines retain influence, the study highlights that retailers’ websites, apps, and social media platforms significantly shape consumer decisions. Research methods such as online product reviews and ratings (57%), browsing retailer websites or apps (55%), and seeking recommendations from friends and family (45%) are popular among consumers.
“Our latest research reveals valuable insights into consumer behavior during this holiday season, as economic uncertainty impacts purchasing decisions,” said Nfinite founder and CEO Alexandre de Vigan. “Crucially, retailers must recognize the importance of their content across all channels in shaping consumer purchasing decisions. In today’s cost-conscious world, producing compelling content on websites, apps, social media, and other channels is crucial for winning consumer spending in an increasingly competitive environment.”