Deloitte: 2024 Deloitte Holiday Shopping Survey

The survey found that consumers feel more optimistic and plan to increase spending by 8% year-over-year. Although they are willing to loosen their wallets this season, they are still looking for better deals. 78% plan to participate in promotions in October and November (61% in 2023). In the survey of retail buyers, 80% of executives pointed out that promotions drove sales in October, creating a new unofficial start to the holiday shopping season. With five fewer shopping days this year, early promotions are expected to be more important than ever.

According to Deloitte, consumers surveyed have favored experiences over goods over the past year and a half. This trend is also seen among holiday shoppers, with spending on experiences expected to grow 16% this year, while gift purchases are expected to remain relatively flat (down 3% year-over-year). Respondents also plan to spend 9% more on non-gift items such as party wear and vacation items. With consumers looking to travel, host events at home or attend holiday concerts and events, this may be an important time for retailers to assess changing priorities.

The tightening cost of living continues to weigh on holiday shoppers, with 7 in 10 respondents expecting holiday prices to rise again this year. In Deloitte’s annual back-to-school survey, respondents focused on essentials and getting them in the most affordable way possible. The holiday survey found similar trends across all income groups, exhibiting value-seeking behaviors such as cutting back on gifting (-16 percentage points), leaning toward more affordable retailers (48%), turning to lower-priced brands (62%), or seeking out private label or “copycat” goods (40%).

79% of retail buyers expect consumers to prioritize low prices over brand loyalty this holiday season.

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