Although online shopping is the top choice for the holiday season, there has also been a surge in mall and open-air shopping this year. According to JLL’s report, mall visits are expected to increase by 18.7%, with open-air shopping centres seeing a 10% rise.
The report shows several changes in shopping habits compared to 2023, including a notable 31.7% increase in holiday budgets for 2024.
“Our survey indicates that consumers will flock to physical stores this holiday season, with malls emerging as the top brick-and-mortar destination. In fact, we’re forecasting an 18% uptick in mall visits where shoppers can experience the full breadth of holiday spirit. Consumer demand for physical experiences, whether that be dining out, listening to live music, or appreciating storefront décor, has revitalised the mall experience and we’re expecting this resurgence to further accelerate in the 2024 holiday season,” Kristin Mueller, president, retail property management at JLL.
Spending on food and holiday décor has surged by 61% from 2023, with entertainment and experience-related budgets climbing 56.4% year-over-year, putting a focus on holiday activities.
According to the report, over 40% of shoppers have already started their holiday shopping, but many will still hold out for Black Friday deals. By the weekend after Thanksgiving, 86% of consumers will have started their holiday shopping spree.
In addition, clothing, electronics, and accessories top the list of popular gifts. As many as 83% of holiday shoppers plan to treat themselves this year, up from 76.2% in 2023, with apparel and electronics being the most coveted self-gifts.
The report highlights that the average consumer is expected to spend about $1,261 on gifts, holiday meals, décor, and experiences this year.
Despite the lore of online shopping, most consumers will go to physical stores in some capacity, whether through malls, open-air centres, or curbside pickups. Social media platforms like Facebook, Instagram, and TikTok are key in shaping holiday shopping decisions. Notably, TikTok’s e-commerce influence has nearly doubled since 2023.