The 2024 holiday season may be a few months away, but some trends and consumer behaviors are already emerging and offering valuable insights for retailers. We’ve combed through a recent Consumer Holiday Shopping Report by Salsify to find the most relevant and important trends that online retailers need to be aware of. Here are the six key trends forecasted for the 2024 Holiday shopping season:
Stable or Increased Spending Despite Economic Pressures
Amid rising living costs, a significant portion of holiday shoppers are determined to maintain or even increase their spending. According to the report, 65% of respondents plan to spend the same as last year, and an additional 15% intend to increase their holiday budget. This resilience highlights a strong consumer confidence and a desire to celebrate the festive season wholeheartedly.
The Rise of Self-Gifting
The “treat yourself” trend is making a significant impact on holiday shopping behavior. The data reveals that 61% of shoppers, particularly millennials (73%) and Gen Z (68%), are likely to purchase items for themselves while shopping for gifts. This trend presents an excellent opportunity for retailers to boost engagement through tailored promotions such as buy one, get one free offers, encouraging consumers to indulge in self-purchases.
Shopping Channel Preferences
When it comes to choosing shopping channels, preferences vary across generations. Gen Z and Gen X show a strong preference for physical retail stores, with 58% and 62% respectively opting for in-store shopping. In contrast, millennials and baby boomers favor online shopping, with 53% of millennials and 54% of baby boomers relying on Amazon for their holiday purchases. This data suggests that a multi-channel strategy is essential for retailers aiming to cater to diverse consumer preferences.
Early Holiday Shopping Trends
October marks the beginning of the holiday shopping season, with 27% of shoppers starting their purchases during this month. Gen X leads the early shopping trend at 30%, closely followed by millennials at 29%. As November approaches, another 26% of shoppers will begin their holiday shopping, with Gen Z (32%) and millennials (29%) taking the lead. Cyber Week is expected to capture 19% of shoppers, while 16% plan to wait until December.
Black Friday and Cyber Monday Enthusiasm
Black Friday and Cyber Monday continue to be pivotal shopping events. According to the report, 62% of shoppers are gearing up for Black Friday, with Gen Z (75%) and millennials (69%) showing the highest participation. Cyber Monday also remains popular, with 45% of shoppers planning to participate, led by Gen Z (52%) and millennials (49%).
Top Gift Categories for 2024
Fashion and apparel are expected to dominate gift choices, attracting 57% of shoppers. Personal care and beauty products follow closely at 53%, while electronics are on the radar for 49% of consumers. Food and beverage gifts appeal to 44%, with alcohol gifts being considered by 37%. Other popular categories include toys and baby products (33%), sports and outdoor gifts (28%), pet gifts (20%), and home improvement items (19%).
These are a few key insights retailers can use to refine their strategies and effectively engage with consumers. By embracing trends like self-gifting and optimizing both online and in-store shopping experiences, retailers can maximize their impact this holiday season. As consumers prepare to open their wallets, leveraging these insights will be key to capturing their attention and driving sales.