#167 - Consumer Optimism Brightens the Holiday Outlook
Update: 2024-12-06
Description
Despite inflation, consumers are optimistic about their ability to spend a little more on gifts, foods, and beverages for upcoming holiday occasions. Sally Lyons Wyatt, Circana’s global executive vice president and chief advisor, consumer goods and foodservice insights, and Marshal Cohen, Circana’s chief retail officer, share their insights and observations for what’s in store (literally!) this holiday season.
Highlights:
- Inflation has eased, but consumers still anticipate paying a little more for holiday groceries. Similarly, consumers expect to spend an average of 2% more on holiday gifts this year versus 2023.
- Optimism is wrapped in practicality this year, with consumers willing to pay for needed or practical items. But they’ll also spend more to elevate experiences. Notably, consumers report they’re more likely to make impulse purchases and self-gift this year.
- Retailers are ready for a positive gifting season. Black Friday is back, complete with doorbusters and retailer exclusives. And shoppers can expect a better in-store experience with deals and gift inspiration.
- Shoppers of CPG and gen merch are focused on value, and retailers of all stripes will work to frame their offerings in terms of quality, price, and relevance to the shopper.
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