As the 2022 holiday shopping season kicks into high gear, spending predictions are all over the map. Consumers are struggling with inflation, a shaky job market, and the constant threat of a recession, but how will these factors affect holiday spending? Will consumers splurge as they celebrate the holidays or rein in spending until the dust settles?
We tapped into Glimmer—our proprietary community of over 35,000 grassroots influencers who love to share their opinions and thoughts—to learn whether they expected to spend more, less, or about the same on holiday shopping this year compared to last year. 51% of respondents said that they expected to spend less, sharing the following:
- “My goal and hope is to spend less than I did last year. I am definitely being much more careful about what I am buying.”
- “Inflation is really killing me this year. I plan to try to spend less this holiday season.”
- “We are spending way less—there is just not enough money coming in compared to how things have increased.”
One trend we’re seeing amongst those who plan to spend less is taking a more thoughtful approach to gift-giving, baking homemade goods to gift their loved ones and focusing on smaller, more personal gifts with special touches when it comes to packaging. Of the remaining respondents, 27% expect to spend about the same as last year, while 22% plan to spend more. Some noted that with inflation, they will likely buy less than last year while spending more on those fewer items.
- “I have been more cognizant throughout the year and started shopping early. I will spend about the same, but the purchases have been spread out.”
- “I know the sales around Black Friday and Cyber Monday will be really good, so I’m waiting to see. Likely I’ll spend about the same.”
- “Thanks to inflation, I will most likely spend about the same but get less.”
eMarketer predicts that holiday spending will be strong this year, attributing much of the anticipated 7% growth to inflation. They expect to see numbers approaching $10 billion in e-commerce sales on Black Friday along with nearly $12 billion on Cyber Monday, with the latter holding strong onto its reign as the top online spending day of the year. Overall, total retail sales are anticipated to reach as much as $1.297 trillion, with 12% growth for e-commerce sales this holiday season.
Interested in learning how your brand can leverage first-party community data to further refine messaging and create a one-to-one dialogue with engaged consumers? Connect with us today to learn how you can use our powerful consumer insights to lift your brand to new heights.