KPMG consumer pulse survey | 2022 holiday report
In September 2022, KPMG polled more than 1,000 consumers across the United States to learn about expected consumer spending and shopping habits, and holiday gathering and travel plans. Responses show that in a year in which most consumers (78 percent) have maintained or increased their household income and are increasingly willing to shop, travel and gather in-person, concerns over rising prices are quelling the overall holiday shopping outlook.
Consumers will try to create the same holiday magic with less
Red hot inflation is the grinch that could spoil seasonal success for retailers—if they fail to adjust to evolving consumer habits. Eighty-five percent of shoppers are at least somewhat worried about inflation, notably more than stockouts (63 percent) and shipping delays (57 percent). Consumer concerns regarding inflation are driving more conservative holiday spending, as shoppers continue to confront sticker shock online and in-store.
Affordability is top-of-mind in seasonal shopping choices
Households will up their holiday spending this year, but it won’t translate to more gift-giving or more extravagant presents and events. Average anticipated holiday spend for 2022 is $1,072, an increase of 6 percent over last year. However, considering inflation rates, the findings show consumers approaching this season with reserve.
Big sales events are the darlings
Inventory problems concern the majority of consumers, but reactions will be somewhat constrained, positioning Black Friday and Cyber Monday to be the most important days on the retail calendar. Most holiday shoppers plan on shopping Black Friday (60 percent) and approximately 51 percent plan on shopping Cyber Monday with Prime Day is not far behind.
Gatherings are back, but they’ll cost you
In 2022, there will be a slight uptick in holiday travel and marginally more attendance at holiday events. What consumers spend to be together—on things like party food and plane tickets—are expected to rise considerably. Nearly 9 in 10 (88 percent) of consumers say price increases are the reason they expect to spend much more on groceries this season: The average expected increase in grocery spend is a whopping 18 percent
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