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The National Retail Federation’s annual survey found 56% of holiday shoppers say the economy will affect their holiday spending plans. Shoppers report plans to seek sales, compare prices and use coupons, while many expect to shop early or wait for Thanksgiving weekend deals.
More than half of holiday shoppers say the state of the economy will affect their spending plans this season, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics. The findings point to a budget-conscious season in which shoppers plan to look harder for deals while continuing to prepare for holiday celebrations.
Among shoppers who said the economy would affect their plans, 43% expect to shop for sales more often, 31% plan to comparison shop online more often and 29% say they will use coupons more often. Those responses describe intended strategies, rather than confirmed changes in spending or purchasing behavior.
The survey found that 91% of U.S. adults plan to celebrate winter holidays, including Christmas, Hanukkah or Kwanzaa. Forty-three percent of holiday shoppers said they expect to start browsing and buying before November, close to the 42% reported last year.
Among early shoppers, half said spreading out their budgets was a reason to begin before November, and 37% cited prices and promotions they considered too good to pass up. For shoppers who wait until November or December, 46% said they do so to find the best prices and promotions.
How Shoppers Plan to Stretch Budgets
The findings suggest that retailers may face customers who remain interested in holiday shopping but are paying close attention to prices. More frequent deal-seeking could influence when shoppers buy, which stores they visit and whether they postpone purchases until major promotion periods. The survey records consumer plans; it does not establish how much shoppers will ultimately spend or whether those plans will change.
For households, the results reflect several ways of managing seasonal costs: spreading purchases across more weeks, checking online prices and waiting for discounts. The timing choices also show that early shopping and deal-waiting are not mutually exclusive. Consumers can start browsing early while holding off on most purchases until a later sales period.
Retailers are responding with products, promotions and shopping experiences aimed at value, according to NRF vice president of industry and consumer insights Allison Zeller. The survey does not measure how effective those efforts will be or whether discounts will meet shoppers’ expectations.
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Early Browsing, Later Holiday Deals
Holiday shopping is expected to take place across several types of retailers. Online shopping leads as a planned destination, with 53% of consumers saying they expect to shop online. Grocery stores and discount stores each drew 43%, while 42% planned to shop at department stores.
Many shoppers plan to make the bulk of their purchases later, even when they begin browsing early. Nearly two-thirds (64%) said they were likely to wait until Thanksgiving weekend to do most of their shopping, compared with 63% in the prior year’s survey. Prosper Insights & Analytics executive vice president of strategy Phil Rist said shoppers choose their timing based on what works for them, with many still looking to Thanksgiving weekend promotions.
“With affordability top of mind, holiday shoppers are taking a thoughtful approach to spending, balancing value with preserving traditions that make the holiday season special.”
— Allison Zeller, NRF vice president of industry and consumer insights
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Plans Do Not Predict Final Spending
The survey reports what consumers say they intend to do; it does not confirm actual holiday spending, the size of household budgets or whether shoppers will follow through on plans to seek discounts. The supplied findings do not include the survey’s field dates, sample size, margin of error or detailed respondent demographics, limiting assessment of how representative the results are.
It is also unclear from the reported figures how spending plans compare with inflation, income changes or other economic measures, and the results do not specify how much consumers expect to spend. The survey identifies online and store destinations shoppers plan to use but does not provide a forecast of sales by retailer or category.
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Shopping Season Will Test These Plans
As the season progresses, actual purchasing and retailer sales data will show whether consumers’ stated intentions translate into more deal-driven shopping or changes in spending. Thanksgiving weekend will be a key period to watch, given the 64% of respondents who said they were likely to complete most of their shopping then.
Retailers will continue promoting products and offers during the holiday period, according to the NRF’s account of their response. The survey does not specify which promotions will be available, how prices may change or whether shoppers will find the savings they expect. Additional information about spending and sales later in the season will help clarify how affordability concerns affected purchases.
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Key Questions
How many holiday shoppers said the economy would affect their plans?
Fifty-six percent said the state of the economy would affect their holiday spending plans, according to the NRF survey conducted by Prosper Insights & Analytics.
What money-saving strategies did shoppers report planning?
Among shoppers affected by the economy, 43% said they planned to shop for sales more often, 31% planned to comparison shop online more often and 29% planned to use coupons more often.
When do consumers plan to start holiday shopping?
Forty-three percent said they planned to begin browsing and buying before November. Among those starting early, 50% cited spreading out their budgets and 37% cited prices and promotions.
Do many shoppers plan to wait for Thanksgiving weekend?
Yes. Nearly two-thirds, or 64%, said they were likely to wait until Thanksgiving weekend to do most of their shopping. The comparable figure in the prior year’s survey was 63%.
Where do shoppers plan to shop?
Online was the leading planned destination at 53%. Grocery stores and discount stores each accounted for 43%, while 42% planned to shop at department stores.
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