October 28, 2022
Survey of More than 1,000 Consumers Across United States Reveals Key Insights and Considerations for Retailers and U.S. Economy
Ankura Consulting, LLC (“Ankura”), a leading global expert services and advisory firm, today published the results of its 2022 Holiday Consumer Spending Survey conducted by its Performance Improvement Practice. The survey, which polled 1,042 individuals across the United States, reveals key insights for retailers and the U.S. economy.
The survey identified several compelling takeaways about the changing consumer landscape and items of interest for the 2022 holiday shopping season, including:
- Approximately 66% of respondents plan to start their holiday shopping before Black Friday, the traditional kickoff for the holiday shopping season, with 25% stating that they’ve already started shopping as of mid-October and another 18% planning to start before the end of October.
- Nearly two-thirds of survey respondents expressed concern that out-of-stock items will be an issue when shopping, a concern that likely is driving the earlier start to the shopping season.
- Well over half of respondents (63%) intend to purchase gift cards this year, with a preference for gift cards being particularly high among Gen X, Baby Boomers and Silent Generation shoppers.
- The savings rate is down and revolving credit levels are up among the consumers polled, with 24% of respondents saying they will spend more, 26% will spend less, and 50% will spend the same as last year.
- Gen Z and Millennials are focused on purchasing lifestyle and “experiences” gifts, while Gen X, Baby Boomers and Silent Generation expressed a desire to purchase durable goods in support of family and friends during what they expect will be an economic downturn.
Ankura’s experts also provided six key considerations for retailers as they execute their 2022 holiday season sales strategy, including advice on direct marketing, price and promotions, brick-and-mortar, inventory, gift cards and shipping preferences. These considerations should allow retailers to remain nimble and overcome the current economic headwinds felt by so many consumers in the currently volatile and inflationary environment.
“Our survey results and the insights generated provide key data and considerations that we believe will allow retailers to adapt to a dynamic marketplace and address shifting consumer habits and preferences,” said Keith Jelinek, Senior Managing Director and Co-Leader of Ankura’s Performance Improvement Practice. “We look forward to continuing to utilize the valuable information gleaned from this study to assist our clients in executing their strategies even in these growth-challenged times.”
The full survey and its accompanying data and graphics can be found at the link here.