59% of shoppers are saying they plan to cut everyday purchases in order to prioritise gifting budgets. More than three quarters are planning to maintain or increase gift purchases this holiday season.
The findings come from Coveo’s new research report titled, “Gift or Grinch? Unwrapping This Season’s Shopper Spending Plans.” The report, based on a survey of 4,000 US and UK adult consumers, examines consumer sentiment towards the upcoming holiday shopping season, from Black Friday and Cyber Week through the December holidays.
Another major finding in the report is that the vast majority of shoppers can be swayed to purchase unplanned items this holiday season. 85% of respondents said they are prone to impulse buys online, especially fashion, shoes, and apparel.
“Shopper enthusiasm and receptivity to persuasion are clear standouts in our annual holiday report findings, signalling that retailers have a major opportunity to capture a greater share of consumer spending during the upcoming shopping peak,” said Lisa Grayston, GM commerce at Coveo.
“Consumers are going into the holiday shopping season ready to be inspired, which opens doors for retailers to lean on their technological prowess to convince and convert. Retailers willing to pioneer and experiment with AI-led strategies for delivering exceptional product discovery experiences and the most relevant offers on-the-fly are poised to thrive this holiday season and into 2025.”
More than half (55%) of consumers say they plan to grocery shop online or use delivery apps for holiday meals and parties, and, of these respondents, 20% say this is an increase to their typical online grocery shopping routine.
This trend is even more pronounced among younger generations, with 68% of Millennials and 69% of Gen Z choosing these convenient options.