Report: Holiday Shopping Plans Shrink as 76% of Americans Believe the Country is Recession-Bound
Jungle Scout’s Q3 2022 Consumer Trends Report explores spending and e-commerce trends, including how inflation, social commerce, and the upcoming holiday season are shaping retail.
Jungle Scout, the leading all-in-one platform for e-commerce sellers, released findings from its Q3 2022 Consumer Trends Report, a quarterly study of more than 1,000 U.S. consumers that explores spending and e-commerce trends. The report finds that consumers are increasingly concerned about inflation and the economy, with three out of four believing the U.S is already in a recession or will be soon.
Key insights from the report include:
Consumers continue cutting costs to combat inflation.
- Nearly 84% of consumers say inflation has affected their overall spending, a 9% increase from three months ago.
- 90% of consumers say they have noticed higher product prices in their day-to-day spending.
- The top ways consumers are cutting back include buying items on sale, purchasing less expensive brands, and buying generic brands.
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Consumers are starting holiday shopping early this year.
- Nearly 30% of consumers have begun shopping as of September, and 70% expect to start before Thanksgiving.
- 55% plan to change their holiday shopping plans this year in response to inflation. They will spend less per gift, buy discounted products, and reduce the number of people they give to.
“Upcoming shopping events like a second Prime Day, Black Friday, and Cyber Monday offer consumers the best deals ahead of the holidays,” says Mike Scheschuk, Chief Marketing Officer at Jungle Scout. “With these events on the horizon, retailers are listening to customers’ inflation fears and must be willing to adapt their strategies. They can maximize growth and retain customers by managing inventory, being strategic with price increases, and understanding the needs of their customers.”
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Additional findings from the report include:
- The impact of social commerce: 48% of consumers are likely to purchase a product directly from TikTok, while 65% have purchased from a streaming platform (Hulu, Netflix, etc.).
- Where consumers are shopping: 65% of consumers shop on Amazon for online purchases, followed by Walmart and eBay.
- What consumers are buying: Consumers are spending more on office supplies, beauty products, and arts and crafts supplies this quarter than last.
