holiday shopping trends 2024: spending increase revealed
- The trend of 'slow shopping', adopted by 73% of consumers this holiday season, emphasizes mindfulness in purchasing to prevent impulse buys.
- Consumers are planning to spend an average of $613, a 4% increase from the previous year, showcasing a general rise in holiday spending.
- Adopting slow shopping can lead to better financial decisions and increased savings, reflecting a shift toward thoughtful consumerism.
During the 2024 holiday season, many consumers in the United States have embraced a shopping trend known as 'slow shopping.' Survey data indicates that 73% of individuals are taking more time to consider purchases, which helps prevent impulse buying and unnecessary debt. This movement reflects a significant cultural shift in consumer behavior. With 60% starting their shopping earlier, shoppers are prioritizing thoughtful purchases over quick decisions influenced by heavy marketing tactics, particularly the sales events surrounding the holidays. Data from Accenture's Annual Holiday Shopping Survey also shows that consumers are willing to spend an average of $613, which represents a 4% increase from the previous year. While this may reflect optimistic consumer sentiment, shoppers continue to seek value and price reductions, with many indicating that promotions are a key factor in their purchasing decisions. Around 68% of consumers highlighted price and value as crucial in their choice of retailer, indicating a cautious approach despite increased spending. Overall, this movement towards slow shopping allows consumers to better manage their finances throughout a busy shopping period, emphasizing the importance of planning ahead. This year, shoppers are expected to capitalize on earlier sales and discounts, ensuring they make smarter purchases and save for more significant gifts. As a result, the retail landscape is evolving, pushing retailers to adapt to these changing behaviors while still enticing consumers with deals and unique gifts. The gradual shift away from impulsive buying signals a potential long-term change in holiday shopping habits.