By doing so, merchants can capture and maximize holiday revenue from this years cautious shoppers. Identify solutions can assess risk activity across channels. By doing so, merchants can capture and maximize holiday revenue from this years cautious shoppers. "Retailers in some sectors are trying to offload excess supply. Its newness and growing popularity paired with the likelihood of customers overextending themselves on BNPL purchases make it a hot target for fraud from bad actors and consumers alike. Powered and implemented by FactSet. When we first started asking consumers about holiday shopping in 2015, cash was the most preferred payment method, with 80% of consumers ranking it among their top three choices. Please see www.pwc.com/structure for further details. Fraudsters use the high-volume traffic of the holidays to blend in, making their high-velocity activity appear normal. Source: PwC Holiday Outlook 2022 Get browser notifications for breaking news, live events, and exclusive reporting. Thus, consumers again want to look and feel good, buying new apparel for themselves and their loved ones. Popular electronic gifts like hair . Retailers are at risk of losing up to 40% of customers if they dont deliver their purchases on time. They also know merchants typically loosen controls around this time to accommodate increased sales. Being able to pivot in response to fluctuations in consumer demand will be essential in an uncertain economic environment. The share of in-store spending is expected to rise to 35% in. In 2021, the overall retail sales in the US were expected to reach $843.4 billion. Online continues to be a holiday shopping mainstay, holding steady with a 63% share. Due to the limited amount of corresponding data, e-gift card fraud is very easy to commit and difficult to catch. Despite economic challenges, consumers still have just as many friends and family members to shop for during the holidays, they will just be spending differently., Early season promotional events will help consumers to spread out their spending, while also setting the stage for a more spread-out holiday shopping season, Cohen said. Meanwhile, 33% of customers will peel away if they receive the wrong or damaged item. In the wake of the pandemic, they are quick to move on if they cant find what theyre looking for. While Black Friday itself may not hold the appeal it once did in 2015, 60% of consumers told us they would shop on Black Friday; this year, 20% said they would the end of November does signal holiday shopping in the minds of consumers. That breaks down to an average of $1,455 spending this year per household, according to Deloitte's 2022 Holiday Retail Survey. Using advanced AI and machine learning, Kounts solutions gather data points from an interaction and compare them to the data in its Identity Trust Global Network. These 2022 holiday shoppers plan to spend $823, on average, for a total of more than $178 billion in gift spending. Halloween is another landmark in the US consumer culture, and projected spending on terrifying costumes and props alone in 2021 reached nearly $3.5 billion. In 2021, the overall holiday spending in the US reached $886.7 billion. Please enter valid email address to continue. (NRF) In total, American consumers have spent $886.7 billion during the 2021 holiday season despite product shortages and shipping delays. Of surveyed consumers, 45% report that their number one concern with holiday shopping this year is inflation driving up the cost of goods. And their second biggest concern is spending too much money. While this is an exciting opportunity for merchants, they should be careful. If the labor market remains strong and inflation continues to ease, holiday spending could experience an uptick. 2 billion on clothing for Easter 2020. And another almost 25% of consumers say theyll spend between $1,0001 to $5,000. Namely, holiday sales in the US, including e-commerce, recorded the highest growth in the previous two decades! Adobe even warned of a potential decline,. Like every year, social status and generation differences will affect spending in 2022 as well. About 59% of survey respondents said they were stressed about holiday spending due to inflation, according to a 4Over survey of 1,004 U.S. consumers last month. Last year, 4% of global holiday sales on a mobile device were made through a social media app. Subscribe to receive our monthly news and insights! Buy now, pay later (BNPL) options have grown in popularity over the past couple of years. Consumers are looking for the right deals this year before they commit to holiday shopping, travel and entertainment. Toys are 10.5% more expensive this year, so some parents may have to cull their kids' wish lists. 19 Key Holiday Shopping Statistics. With COVID-19 taking a backseat in many consumers' minds this year, they might be more eager than ever to embrace pre-pandemic norms and ways of celebrating. In it, consumers reveal when and where they'll shop, propensity to spend, payment method preferences, top concerns, and best ways to boost their . And 10% of mobile traffic originated from consumers browsing through social networks, according to an Ekata report. Its newness and growing popularity paired with the likelihood of customers overextending themselves on BNPL purchases make it a hot target for fraud from bad actors and consumers alike. Of course, Christmas is an essential stimulus for many nations economies as retail sales increase dramatically as we near the end of the year. Website Notices. For instance, the prices for online apparel grew by 17.3% compared with pandemic levels. Of that 47%, more than two-thirds (69%) will travel by car. With offices in 30 cities across the Americas, Europe, and Asia-Pacific, we help you measure, predict, and improve performance across all channels. The NRF report forecasts holiday retail sales in both November and December to grow between 6% and 8% over last year. However, new payment methods are magnets for fraud, and merchants should make sure they have the right tools in place before offering them. It's not just big-ticket categories seeing price increases. Over half (52%) of consumers are less concerned about COVID-19 compared to a year ago (up from 32% in 2021). Mastercards annual holiday forecast predicts a 7.1% growth in total US retail sales. Inflation, timely deliveries, and shipping concerns can also increase customer confidence Almost 60% of consumers, meanwhile, told us brand trust is a very important factor in their holiday purchasing decisions, again confirming what weve heard from them in the past: They seek relatable brands that reflect their own values of sustainability and purpose. Travel is back Aware that they might have to stretch their holiday budgets, some have already started to cut back in the months leading up to the holiday season on dining out, apparel and streaming services. Knowing the 5 essential e-gift card fraud questions can help merchants balance caution with an effective e-gift card strategy. Inflation is on nearly everyones mind this year. After the pandemic, holidays and festivities are back, albeit stifled by the looming recession and growing prices. Slideshow: Click through the interactive slideshow to the left for data on . Help keep those brand-loyal millennials coming back by providing the customer experience they seek: the pitch-perfect combination of speed and convenience at the right price from a relatable brand that lines up with their values. Top holiday spending statistics for ecommerce in 2022. Consumer Fear Could Wreak Havoc on 2022 Holiday Shopping, Recession or Not Concerns about the economy, personal finances are causing pull back on spending. The different experiences and perspectives of our people are at the heart of our success. There is no sugar coating itinflation is here and will severely hit lower-income groups. Of surveyed respondents, 83% say they will purchase a physical or e-gift card during the 2022 holiday shopping season. All Rights Reserved. Cyber Monday, November 28. Holiday spending is expected to be healthy even with recent inflationary challenges, as we forecast that holiday retail sales during November and December will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion. Port Washington, N.Y., September 29, 2022 Increased negativity about the economy and their own personal finances is causing 29% of U.S. consumers to think about spending less this holiday season, according to a recentholidaypurchase intentions consumer survey fromThe NPD Group, which recentlymergedwith Information Resources, Inc. (IRI). MoneyTransfers 2022. Here again, millennials lead the way, with 63% planning to travel. merchants abilities to address customer concerns and build their confidence. Overall, Deloitte's retail and consumer products practice projects holiday sales will total $1.45 to $1.47 trillion during the November to January timeframe. Since we live in a post-pandemic world, social gatherings are back in full force. But they may be even more popular this season. Levels of confidence in holiday spending vary by geography, as well as by age and income level, requiring brands and retailers to match their messaging with their customers specific preferences. Consumers are shopping earlier this holiday season. The majority of respondents also say theyll spend between $501 to $1,000 during the holidays in 2022. Over the past 10 years, sales have grown by an . Holiday spending in Canada is expected to drop this year as inflation shrinks consumer buying power and economic uncertainty looms over household budgets, a new report says. Global Online Holiday Spending Is Expected to Hit $910 Billion This Season. 2017 - Thu Nov 03 23:31:04 UTC 2022 PwC. Today as a variety of contactless payment options continue to proliferate that top spot goes to debit cards, with 60% of consumers ranking it highest among their top three choices. Likewise, data shows that 42% of consumers plan to start their gift hunting earlier than ever, hoping to snag holiday presents before the prices skyrocket. Stay updated with best-in-class data and industry expertise across more than 20 industries spanning retail, food, tech, and more. Consumers say that delayed delivery, expensive shipping, and paying for returns were their other top concerns. Though more consumers are opting to shop earlier in 2022, 65% of total respondents say they will shop in November and December. US Holiday Spending Trends 2022 Cyber Monday is expected to break its previous record of 2020. And over half of respondents say they will spend between $101 to $500 on gift cards. And consumers are showing an increased interest to shop during the months of September and October more than previous years. Kounts Identify solutions give you the insights and agility to interact securely with visitors on all digital platforms and enhance the buying experience across every stage of the customer journey. When not writing, Darko typically explores mountain trails with his loyal Belgian Malinois. Holiday spending results for 2021, plus the latest trends for 2022 E-commerce has been on the rise for years, and as consumers continue to seek easy, convenient ways to shop, it's not slowing down anytime soon. . However, the key to winning holiday revenue this year will be to earn customer trust by knowing their pain points and listening to their wants. The NPD Group offers data, industry expertise, and prescriptive analytics to help you grow your business in a changing world. A quarter of consumers in the United States ordered goods online during the merry season in 2021, meaning that nearly one in every four dollars spent during the holidays came from e-commerce. Know your customers so you can anticipate their needs. Retailers, meanwhile, have continued to beef up the infrastructure required for pickup options in the wake of a pandemic that forced their hand; many have been gratified that customers often end up buying more once they arrive to pick up an order. Consumers are cycling between cautious optimism and concern, and plan to reduce their holiday spending significantly compared to last year. Identify solutions can assess risk activity across channels. Oct 19, 2022 According to the Nation Retail Federation, US holiday spending, especially. How Much Money Do You Need to Retire in the UK? This view reveals things like propensity to spend, purchasing behavior, and demographics. However, the key to winning holiday revenue this year will be to earn customer trust by knowing their pain points and listening to their wants. $754 on gifts$452 on travel$224 on entertainment, Download additional generational insights. After the traumatic 2020, consumer spending showed signs of recovery in 2021. 29 Percent of Holiday Shoppers Plan to Spend More Than Last Year. Explore our generational personas highlighting key insights, Shoppers are choosing sustainable brands this holiday season, Airline and Travel Practice Leader, PwC US, Marketing Transformation Leader, Strategy& US. But it will be up to merchants to address customer concerns and build their confidence this season by offering flexible payment options, omnichannel experiences, and savings incentives. Fraudsters use the high-volume traffic of the holidays to blend in, making their high-velocity activity appear normal. Holiday Spending will be Thrifty. While still nascent, buy now, pay later platforms for online shopping are gaining ground from 5% of consumers using them in 2021 to 13% this year. Over 41% of consumers say they plan to spend between slightly and much more money during this holiday season compared to last years. 25+ Holiday Spending Statistics to Know About in 2022. More than one in ten (12%) consumers will be spending less on gifts so they can spend more on holiday entertaining-related expenses, like food, drink, and decorations. Bargain-hunting is likely to be widespread this holiday season as is shopping at value retailers. 2022 Holiday Spending Forecast. High-income households are most likely to have used virtual reality to buy physical products and luxury goods. Some (25%) will start shopping in early November; however, most (41%) will wait for the Thursday through Monday of Thanksgiving weekend to do the majority of their holiday shopping. Every year, friendly fraud is one of the seasons biggest holiday scams. But online spending is only expected to rise a modest 2.5% this year, compared to 8% growth in 2021, according to Adobe. 2022 CBS Interactive Inc. All Rights Reserved. The number of consumers planning to do holiday shopping online fell from 85% last year to 80% this year the largest shift favoring stores in years. More precisely, 59% of shoppers expect the effects of inflation to range from moderate to significant.. Oct. 18, 2022. With high inflation and fears of consumers pulling back, . 19+ Concerning UK Gender Pay Gap Statistics for 2022, 15+ Astonishing UK Startup Statistics for 2022, Stanford University Produced the Highest Number of Startup Founders in 2022, With 1427 Founders, 13% Of People Living in the UK Have a Missed Energy Bill Since the Beginning of the Year, 18+ Remarkable UK Savings Statistics & Facts for 2022, 73% Of US Millennials Are Now Opting For Sustainable Investments Compared to 21% Of Older Generations, 41% Of Brits Dont Know How Much They Earn Post-tax. Of course, many will end up using a combination of air and road travel to reach their final destinations. Tourist spending for the week-long holiday that started on October 1 declined 26% to 287.2 billion yuan ($40.4 billion) year-on-year, according to figures from the Ministry of Culture and Tourism . At this stage in the pandemic, consumers are more comfortable entering stores, and Adobe anticipates more people will make clothing purchases at brick-and-mortar shops versus online, driving down online spending on apparel by nearly 7%. High-earning young shoppers, these big spenders skew male and live in metropolitan areas. Effortlessly, he dives into reports and research papers to extract the juiciest parts and make the readers life easier. Of surveyed consumers, 45% report that their number one concern with holiday shopping this year is inflation driving up the cost of goods. And their second biggest concern is spending too much money.. Holiday spending levels similar to last year, Growth in personal income primes high-income consumers for a jolly holiday. (NRF) 80% of Americans spend under $200 on New Year's Eve. This year, however, air travel has picked up again, with almost half of travelers 46% planning to fly, up from 40% in 2021 and 33% in 2020. One in five (20%) holiday shoppers say they will spend less over the holidays because their economic situation has changed. The survey, which polled 1,042 individuals across the United States, reveals key insights for . Consumers are planning to spend an average around $1,400 this holiday season, two forecasts said Americans are getting all too acquainted with 2022's rising interest rates, but holiday shopping . A review of the 2021 US holiday season and an early preview of the 2022 holidays, including our latest US retail and ecommerce spending forecast. Notably, consumer spending during the Cyber 5 weekend in 2021 relied heavily on sales made from tablets and smartphones. Download the retail survey findings 25% Increase in low-income spending, from $536 in 2021 to $671 in 2022 People walk through City Creek Center in Salt Lake City on Thursday, Oct. 20, 2022. Other top reasons include wanting to break up big purchases into smaller amounts, spending more than they are able to, and not being able to afford the full amount up front. Protect your revenue during the holidays and all year long, 2022 CNP Awards recognize Kounts Professional and Guarantee Services, Kount and Equifax transform digital enablement and consumer insights, Internet inversion increases bot traffic and what it means for you, Industry analyst names Kount an established leader in fraud detection. But they should also be realistic about the capabilities of their fulfillment teams and be careful to not over promise on delivery times. Every year, friendly fraud is one of the seasons biggest holiday scams. Consumers are ready to get out and celebrate over the 2022 holiday season, but last years optimism has taken a beating as financial concerns have them feeling a bit more grinchy this year, saidMarshal Cohen, chief retail industry advisor for NPD. The combined winter holidays, including Thanksgiving, Christmas, Hanukkah, and Kwanzaa, are the busiest time for online and land-based shops. However, too much caution and controls will drive customers away. With more than 148 million US consumers hunting for presents on the last Saturday before Christmas, land-based and online stores inevitably experience inventory scarcity. While debit and credit cards will still be king this holiday season, over a third of consumers say they plan to use PayPal. And over half of respondents say they will spend between $101 to $500 on gift cards. The resulting insight can help meet the expectations of those shoppers who are ready to spread holiday cheer. Affected by the overall economic situation, online prices in the US also saw a record high, increasing by 3.5% YoY. As reported by Investopedia the average US family spent $935.58 on holiday gifts in 2016. Businesses can use these insights to provide personalized experiences and upsell and cross sell opportunities to good customers. While this is an exciting opportunity for merchants, they should be careful. With over half of consumers shopping through mobile apps this year, retailers can also expect a rise in social media shopping and discovery. How will they shop this holiday season? In 2020, holiday sales rose 8.2% from the previous year to $777.3 billion, according to the NRF, as consumers cheered themselves up with gift-giving during the pandemic. And they say digital wallets will be their fourth most common payment method used this shopping season. Instead, he goes above and beyond to build his online writing portfolio, covering everything from SEO and digital marketing to finance and crypto. This holiday season, 35% of shoppers plan to spend more than they did last year. Plans to shop mass merchants grew the most from 2021, while plans for pureplay ecommerce shopping declined most. In addition to a higher average spend, fewer low-income shoppers are sitting this season out: 13% in 2022 compared to 21% in 2021. Despite citing fears of inflation and the rising costs of transportation and utilities as deterrents to holiday So its unsurprising that customers say the top ways merchants can boost their confidence this holiday season is with guaranteed delivery, free shipping and returns, and discount codes. Consequently, studies report an increasing reliance on mobile devices during the most expensive holidays in the US. For instance, studies show millennials will spend more cash than any other generation, but their contribution to online spending will be the lowest (63%). 1. last year. Experts predict that these healthy spending patterns will continue in 2022. More than half (55%) of consumers are planning to go to a friend or family members home for the holidays (up from 47% in 2021). Unlike middle- and lower-income households, their spending patterns over the last several months have remained unchanged, despite inflation. More than 48% of survey respondents say they will conduct their holiday shopping via mobile apps this year. Market data provided by ICE Data Services. Consumers say that delayed delivery, expensive shipping, and paying for returns were their other top concerns. By tapping into confidence, merchants capture and maximize customer spending this year. Driving the news: Shoppers in the metro expect to spend $1,463 between late October and Christmas, up 20% since last year, according to Deloitte's annual holiday retail survey. PwC analysis finds that travelers are particularly prone to changing brands after a bad experience. Holiday 2022 by the numbers. So even though consumers may be more careful about their spending this year, they are still spending and a lot more than merchants might expect. But it will be up to merchants to address customer concerns and build their confidence this season by offering flexible payment options, omnichannel experiences, and savings incentives. The convenience of gift cards, especially e-gift cards, make them easy last-minute purchases during the busiest time of year. Friendly fraud occurs when customers dispute legitimate purchases with their banks, which often results in chargebacks for merchants. 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