Unmasking the 2023 Holiday Shopping Season

Happy Shopping Season, friends! A survey says that a third of you will skip gift-giving this year because of inflation, which feels downright sad. Today, we’re looking at holiday spending, discount connoisseurs, and peace in the group text thread. Let’s go!

Big-Picture:

October brought a slight dip in retail spending, the first in seven months. But hold onto your Santa hats because 81% of millennials and Gen Z are ready to unleash their inner shopaholics this holiday season. Unfortunately, their wallets seem shy, with 62% feeling financially unprepared. Inflation’s Grinch-like grip has even convinced 34% of families to play Scrooge and skip gift-giving altogether.

Walmart’s CEO dropped a rare word: deflation! He predicts that prices of pantry staples will “deflate” in the coming weeks and months. (Kinda how we hope our waistlines will deflate after the holidays). Meanwhile, Wall Street is having a November to remember, with the S&P 500 soaring 9.6% in three weeks—thanks to the “Magnificent Seven” (Amazon, Apple, Alphabet, Meta, Microsoft, Nvidia, and Tesla).

Marketing Industry:

Last year, we splurged $9.1 billion online during Black Friday weekend, saving an average of 24%. But these days, we’re discount connoisseurs, requiring at least 30% off for a deal to open our wallets.

This holiday season, we’re in a shopping sprint, not a marathon, with consumers planning to shop in just 5.8 weeks compared to 7.4 pre-pandemic. And who says it’s all about giving? 46% of folks would rather pamper themselves than shop for others.

Amazon jumped the gun on Black Friday deals this year, and only 40% of holiday spending is expected to happen over the next five weeks. Black Friday, December 16, and Super Saturday (December 23) will be the real showstoppers. Wallets, brace yourselves, as shoppers plan to splurge an extra 14% this year.

With Thanksgiving day business closures and earlier sales, we wonder, “What even is Black Friday anymore?”

Just for Fun:

Apple’s green text bubble rivalry with Android may soon be history as Apple adopts RCS next year, simplifying texting between iPhones and Androids. Please bring harmony to the group chat!

Move over, two-day delivery—Amazon’s now your go-to for car shopping. A Hyundai with your next Prime order, anyone?

Thanksgiving was a little kinder to Grandma this year, with a 4.5% dip in the cost of a 10-person feast. Pass the leftovers, please! 

Those are all our industry insights, for now, friends! I’m going to finish off the last of the leftover stuffing.

Your friendly Industry Insights devotee, 

JD