Quantum Metric, the Continuous Product Design platform for customer-driven digital experiences, has found over 44% of Brits plan to spend less on holiday shopping this year than they did in 2023.
Heightened by factors such as elections and ongoing conflicts, economic uncertainty has caused consumers across the globe to tighten their budgets. As such, Quantum Metric conducted research to examine how cuts in spending may impact holiday shopping this year.
Findings show that many will be more frugal this festive season, with other key statistics revealing:
- Just 23% are planning to wait for this year’s Black Friday and Cyber Monday sales in a bid to bag the best bargains. This is a significant drop from 2022 research, which revealed that four in five consumers (80%) had already made plans to shop Black Friday by August that year.
- In June, 29% of consumers had already started shopping for the 2024 festive season and a further 22% planned to start in July or August.
- 60% of those surveyed have cut down spending on high-value items this year, such as electronics and luxury goods.
Despite plans to spend less this holiday season, many consumers aren’t waiting for big sales purchase goods at a lower price. Instead, 54% revealed they are more likely to make purchases with a retailer that keeps prices on select essential items low all year round. As such, retailers that usually offer frequent discounts and sales in the lead up to the holidays may want to consider switching strategies this to meet demand.
