11/03/2024
This holiday season, American consumers are focusing their spending on shared experiences and food-centric events, while remaining mindful of their budgets.
The majority are celebrating major occasions this year: Halloween (65%), Thanksgiving (89%), Christmas (91%), and New Year's Eve (69%), with special attention to family, friends, and meals, according to Food Industry Executives, citing research by 84.51°.
Halloween is all about the candy. 🍬
During Halloween, candy takes center stage, with shoppers expected to spend a total of $3.5 billion. Seven out of ten adults plan to buy candy, and 67% will purchase extra to secretly stash for themselves. While there's interest in healthier sweets, their higher prices may deter purchases. However, 65% of consumers can be encouraged to buy with coupons, and brand loyalty plays a significant role. Nine out of ten consumers stick with their favorite brands, with M&Ms, Hershey, Reese’s, Twizzlers, Skittles, and Starburst being the most popular.
Gifting experiences and food. 🎁🍽️
Holiday spending is expected to rise, with Americans planning to spend 8% more this year compared to last, according to Deloitte. The focus will be on experiences and food gifts, which may see significant increases in spending. Expenditures on shared experiences are projected to grow by 16%, while spending on tangible gifts is expected to decrease by 3%. One in four consumers plans to host a holiday gathering this year, and 70% are willing to spend more to make the event more convenient.
Saving isn't over yet. 💰
Amid rising prices, many are switching to cheaper brands, opting for more affordable alternatives, or choosing private-label products (40%). Shoppers also plan to take advantage of holiday shopping days like Black Friday (47%) and Cyber Monday (43%)—these deals are especially popular among younger generations.
Clothing leads in holiday gift spending (21%), but the popularity of food and beverage gifts is also increasing (16%). This year, six out of ten consumers (63%) plan to purchase food and beverage gifts, a 9-percentage-point increase from the previous year. Additionally, 43% of respondents said they plan to spend more on groceries this year.
This holiday season is shifting towards celebrations centered around shared experiences and meals, adding a new dimension to traditional American holiday customs.
📱🖥️📦🛒🛒🛒📬🚚
