Holiday Shopper Report: Understanding Consumer Behavior Amid Economic Changes

31 Aug 2023 Holiday Shopper Report: Understanding Consumer Behavior Amid Economic Changes

Nfinite, a trailblazer in product visualization technology, has unveiled its latest “Holiday Shopper Report”. Drawing data from a survey of over 1,000 US consumers, the report offers crucial insights for retailers prepping for the holiday season.

Key takeaways from the report are:

• 30% of participants have a tighter budget for holiday shopping compared to the previous year.
• There’s a 33% decline in the intent to buy holiday-themed items.
• The primary reasons for decreased expenditure are the intent to save (46%), economic unpredictability (39%), and shifts in personal finance (38%).

However, the festive spirit remains undeterred:

• Half the consumers intend to begin their festive shopping earlier than in previous years.
• Price remains pivotal for 76% of online holiday shoppers.
• Discounts are highly sought-after, with 66% of shoppers actively looking for them and 56% planning to frequent discount stores. Additionally, 42% aim to capitalize on sale events like Black Friday.

Retailers play a pivotal role in guiding these holiday shoppers. Although search engines are influential, retailers’ websites, apps, and social media platforms have a significant impact on purchasing decisions. Popular methods employed by consumers include online product reviews (57%), exploring retailer platforms (55%), and seeking advice from acquaintances (45%).

Alexandre de Vigan, Nfinite’s CEO, emphasized the importance of captivating content across all channels in this economy-aware era. He underscored that for retailers, creating compelling digital content is vital to secure consumer spending amidst fierce competition.

Read the complete report here: Nfinite Holiday Shopper Report