Decking the halls and overhauling the strategic decks? Here are the key takeaways from the 2023 Deloitte Holiday Retail Survey:
- Holiday spending is making a spirited comeback, with consumers planning to splurge an average of $1,652, exceeding pre-pandemic figures for the first time, despite inflation concerns, presenting opportunities for retailers as consumer confidence bounces back.
- Consumers are in the mood to make the holidays fun again, driven by increased participation, price expectations, and higher spending from certain income groups. Consequently, retailers can cater to this interest with non-gift items like holiday decorations and furnishings.
- As consumers brace for higher prices, they’re adjusting by buying fewer gifts, increasing their spending on gift cards, and capitalizing on promotional events, making it crucial for retailers to seize opportunities during these promotional periods—especially because consumers plan to condense their holiday shopping to 5.8 weeks this year.
Check out the full report at Deloitte.