As Sourcing Journal has been reporting over the past month, the state of the consumer around spending expectations for the holiday is, well, complicated.
Yes, they are shopping early and looking for deals. Are they concerned about inflation and the higher costs? Yes. Are they going to pull back on spending this year? Yes, and no.
The latest Consumer Behavior Report from Feedvisor backs all of this up, but researchers at the AI-powered optimization and intelligence platform found something else. While shoppers are concerned about prices this holiday season, the level of discomfort varies based on age.
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In a survey of more than 1,000 consumers, the authors of the report said for shoppers over 65, “The problem is mostly about how much things cost, with 69 percent citing inflation as a pressure on their spending.” Then there’s Generation Z with 45 percent citing inflation, which was followed by job insecurity (38 percent) and then credit card debt (32 percent).
“However, in one bullish sign for the season, 53 percent of younger shoppers still plan to spend more this year,” the report’s authors said.
” Of those polled, 87 percent said economic factors have changed how they shop, while 62 percent cited inflation or price hikes as the single biggest pressure on their spending. “Yet 52 percent still buy online at least weekly, which has held between 51 percent and 57 percent across five years of Feedvisor surveys,” the report noted.
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