It’s hard to believe it, but this week is Thanksgiving, and that means the kick-off to the Holiday Shopping season. Recent data reported by pwc.com shares some interesting insights into shopping trends this year.
In a recent posting entitled Holiday Outlook 2023, survey research indicated some positive news for the upcoming holiday season for retail activity. Respondents indicated an intention to increasing overall spending by about “7% this year, allocating an average of $1,530 for gifts, travel and entertainment.” Almost 40% of respondents indicating they would increase their overall spend this year, with key demographic groups like Gen Z, Mature Millennials, Gen X and Women projecting to spend 11 to 15% more.
The increased budgets aren’t without limitations, as consumers are looking for discounts and savings to offset increased pricing and an expectation of availability of products when ordered. One statistic of note for business is that “40% of consumers are likely to switch brands if their items arrive late.” Indicating that long-term customer relationships can be impacted by holiday fulfillment challenges.
Locally, businesses in our own community and region benefit most from shopping in person at the local stores. As consumers begin making their plans for holiday shopping, if you they want to make an impact right here in Southeast Missouri, do your best to keep your dollars local this holiday season. A strong 4th quarter for local businesses now helps to make sure they are there when you need them in 2024.
