Over the last few years we have witnessed shopping patterns take many twists and turns.
This week, we’ll look at the latest insights on shopping trends and how they impact holiday forecasts and Predictions for 2023.
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FOOT TRAFFIC TRENDS
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Data behind the customer
Ever since the lockdowns in 2020, shopping patterns have taken many twists and turns.
In a recent survey, 35% of respondents claim they expect to spend more online than in person in 2023. Only 15% of purchasers expect to check out more at brick-and-mortar retailers this year.
Not only are consumers spending more in different places, they’re also cutting non-essential purchases. JPMorgan’s April 2023 “Cost of Living” survey found that 75% of U.S. consumers expect to reduce non-essential spending by 6% or more this year.
One thing that has stayed the same is the value of loyalty programs and their role in building consumer confidence. Eighty-four percent of respondents reported getting discounts through retailers’ loyalty programs in 2022.
Holiday Retail Forecasts and Predictions 2023
Holiday retail sales are likely to increase between 3.5% and 4.6% in 2023 for the November-January timeframe, according to Deloitte’s annual holiday retail forecast. In comparison, Last year the company predicted an increase between 4% and 6%.
Overall, Deloitte’s retail and consumer products practice projects holiday sales will total $1.54 to $1.56 trillion during the November to January timeframe. In 2022, holiday sales grew by 7.6% in the same period.
If we look at August U.S. retail sales for clues to the upcoming months, retail sales rose 0.6%, compared with a 0.5% increase in July, according to a report issued by the Commerce Department.
And as always, Shoppers are eager to get an earlier start to their holiday shopping. A significant 38% of the population is planning to start holiday shopping in September, a 25% increase from last year.