2024-11-21-德勤-2024年假日购物调查_22页_478kb

2024 Deloitte Holiday Retail Survey Summary

Core Content

The 2024 Deloitte Holiday Retail Survey highlights the evolving behaviors and preferences of holiday shoppers in the United States, revealing a mix of optimism, value-seeking, and a growing preference for experiences over traditional gift purchases.

Main Viewpoints

• Increased Spending Intentions: Respondents plan to spend $1,778, a +8% YoY increase, driven by a more positive economic outlook and a focus on experiences.
• Shift to Experiences: Spending on experiences is expected to rise +16% YoY, while gift purchases are relatively flat (-3% YoY). Nongift purchases, such as party apparel and holiday décor, are also increasing (+9% YoY).
• Frugality Remains: Despite optimism, 70% of consumers expect higher prices, leading to value-seeking behaviors such as cutting back on self-gifting (-16 PP YoY), trading down to more affordable brands or retailers (62% and 48% respectively), and seeking out private labels or "dupe" goods (40%).
• Promotional Events Matter: More than 78% of shoppers plan to participate in promotional events, up from 61% in 2023. Early October events are pulling sales forward, with 80% of executives expecting sales growth aided by increased traffic in both in-store and online channels.
• Loyalty at Risk: 76% of executives believe consumers will prioritize lower prices over brand loyalty. This suggests a need for retailers to enhance loyalty programs and offer omnichannel convenience.
• Generational Trends: Younger generations (Gen Z and Millennials) are more likely to self-gift, with 47% and 43% respectively. Experiential self-gifting is also more common among Millennials (32%).
• Hosting as an Experience: 25% of respondents plan to host a holiday gathering, with an average budget of $261. Many are open to spending extra on convenience, and 47% plan to ask guests to bring food or drinks to offset costs.
• Preferred Retail Formats: 71% of consumers prefer online retailers, while 55% favor mass merchants. These are driven by price and convenience.
• Shopping Windows: Overall shopping duration remains steady at 5.7 weeks, but Gen Z shoppers are shortening their window to 4.6 weeks, while Gen X and Baby Boomers have the longest windows at 6.4 and 6.3 weeks respectively.
• Income Group Trends: The $100K to $199K income group is expected to increase spending by +17% YoY, while all income groups show frugal tendencies.

Key Information

Spending Trends

• Average holiday spend: $1,778 (+8% YoY)
• Gift spending: Expected to be flat (-3% YoY)
• Nongift purchases: Up by +9% YoY
• Experiential spending: Up by +16% YoY
• Self-gifting: Down to 32% (from 48% in 2023)
• Top self-gift categories: Clothing and accessories (63%), electronics and accessories (34%), health and wellness (32%), experiences (22%)

Consumer Preferences

• Top shopping channels: Online retailers (71%), mass merchants (55%), and smartphones (48%)
• Social media shopping: 13% of consumers plan to buy gifts on social media
• Preferred retailer attributes: Quality (39%), value (37%), variety (35%)
• Wish lists: 29% plan to purchase gifts based on friends' or family's wish lists

Promotional Events

• October promotions: 38% of shoppers plan to shop in October (up from 24% in 2023)
• Thanksgiving week: 68% of shoppers plan to participate, with Gen Z and Millennials showing the highest intent (79% each)
• Promotional event participation: 75% of shoppers will shop in late November, with 80% of October shoppers also planning to shop during Thanksgiving week

Survey Methodology

• Consumer survey: Conducted from August 30 to September 6, 2024, with 4,114 US respondents
• Executive survey: Conducted from June 12 to July 3, 2024, with 45 retail executives
• Sampling: Consumers represented all income groups, while executives were primarily from large retailers with annual revenues of $15 billion or more (71%) and $1 billion or more (93%)

Conclusion

The survey underscores a significant shift in consumer behavior toward experiences and value, with retailers needing to adapt by enhancing loyalty programs, improving omnichannel convenience, and capitalizing on early promotional events. Despite a general optimism about the economy, frugality remains a key driver, especially among lower-income groups. Retailers should also consider the evolving preferences of younger generations and the role of digital platforms in shaping holiday shopping behaviors.