2024 Deloitte Holiday Retail [REPORT]

Our 2024 Deloitte holiday retail survey found that shoppers surveyed are more optimistic and plan to increase their spending by 8% compared to last year.

But that’s not what caught our eye.

There’s a notable shift toward experiences this season. Our ConsumerSignals data has shown over the last year and a half that consumers surveyed are favoring experiences over goods. The trend is coming through with holiday shoppers as well, as spending on experiences is expected to increase 16% this year.

That’s just one part of the story, however. Consumers surveyed are willing to loosen their purse strings this season, but a cost-of-living squeeze continues to weigh on holiday shoppers. Survey findings indicate that consumers in all income groups are showing frugal and value-seeking behaviors despite optimism around the economy.
Download the full survey findings

To keep the holidays festive, they’re making tradeoffs and seeking out deals with 75% planning to participate in October and November promotional events (versus 61% in 2023). With five fewer shopping days this year, these promotional events may be crucial to tempt consumers to purchase early.

The outlook is merry and bright

After expressing record holiday spending intentions in 2023, respondents are yet again planning to up their purchases, and expect to spend $1,778 (+8% year over year) this holiday season. The uptick in spend is attributed to a rosier economic outlook (+9 percentage points [PP]), perceived higher prices (70%), and an increase in spend by the $100K to $199K income group (+17%).

To download report, CLICK HERE.