Business Bayani PH

In a recent report published on the Chain Store Age website, an optimistic outlook shines on the upcoming holiday season as American consumers gear up to open their wallets while keeping an eye out for enticing deals. 

According to PwC’s “Holiday Outlook 2023,” holiday spending is set to increase by 7% this year, with the average consumer planning to allocate approximately $1,530 for gifts, travel, and entertainment. 

Notably, nearly 40% of consumers intend to spend more overall than they did last year, with those in households earning $120,000 or more planning to surpass an average spending threshold of $3,000.

It’s particularly exciting to observe the pivotal role that female shoppers are expected to play in boosting the economy this holiday season. This year, female shoppers are projected to increase their spending by a significant 11% compared to 2022. 

This trend builds upon their earlier contributions to the U.S. economy, marked by record-breaking attendance at movies and concerts during the summer months.

However, it’s not just about splurging; consumers remain thrifty and cost-conscious, according to the study. More than 75% of holiday shoppers are on the lookout for deals, demonstrating a keen desire to maximize their savings during this festive season.

The PwC forecast also highlights that 86% of consumers intend to cut back on discretionary spending in at least one area, which may include dining out, shopping for clothes, or attending movies or concerts. Some consumers are even considering switching to non-branded products to further economize.

Recognizing the growing trend of pre-season holiday deals, consumers are becoming increasingly strategic in their shopping habits. Many are patiently waiting for the opportune moment to secure the best bargains. 

PwC notes that the majority of holiday shopping will kick off in early November, with some shoppers holding out for the Black Friday sales bonanza. Those who have planned ahead have already taken advantage of mid-year sales to snap up gifts at favorable prices.

Here are some key findings from the PwC forecast:

• Female holiday shoppers prioritize price (65%), free returns (52%), convenience (51%), and speed (47%) when making their purchase decisions.
• Gen Z is set to increase their holiday spending by an impressive 15% this year, followed closely by “mature” millennials at 14% and Gen X at 12%.
• A whopping 72% of consumers expect to see enticing deals well before the arrival of Black Friday.
• Consumers place great importance on the certainty of timely deliveries. Proof-of-delivery (83%), easy-to-use tracking (80%), and flexible delivery times (68%) top the list of priorities. For those who opt for in-store pickup, proximity to home and convenient curbside options are essential.
• Notably, 40% of consumers are inclined to switch brands if an item arrives late, underscoring the significance of timely delivery services.

Another noteworthy aspect of the holiday season is the continuation of the summer travel boom into the winter months. Travel-related spending is projected to increase by a robust 12% compared to the 2022 holiday season. 

This suggests that consumers are eager to make the most of the holidays by exploring new destinations or enjoying get-togethers with loved ones.

In summary, the 2023 holiday season promises to be marked by both increased spending and a prudent quest for savings among consumers. While the economic contribution of female shoppers is set to shine once again, shoppers of all ages are poised to participate in the holiday shopping extravaganza. 

As consumers await the unveiling of holiday deals, retailers are challenged to meet their expectations by offering competitive prices, convenient returns, and reliable delivery services. 

Additionally, the winter months will witness a surge in travel-related spending, reinforcing the notion that consumers are eager to embrace the spirit of the holidays with enthusiasm and optimism. 🅲🅶