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Holiday spending is balancing out

Did you know that last year, shoppers planned to buy 16 gifts on average?

This year, the average number of gifts is closer to nine, according to Deloitte’s holiday retail survey.

Doesn’t mean less spending… just more balanced spending: Deloitte claims low-income shoppers plan to spend 25% more, while higher standing shoppers intend to pull back a little.

All consumers plan to be strategic about their shopping, so “flexible retailers that can meet consumers needs” are more likely to profit and build loyalty.

Meanwhile, consumer habits continue shifting, with some interesting tidbits for marketers:

  • Younger generations are “embracing new retail formats.”
  • 38% of respondents said social media will play a larger role in their holiday shopping.
  • 56% of Gen Z respondents are planning to buy holiday gifts.

And if you’re wondering whether you should optimize your retail platforms for mobile, look no further than India: 50% plan to do their holiday shopping through mobile devices.

Why we care: While holiday surveys aren’t foolproof, they can give you a sense of how shoppers will behave during the season.

Most of these reports have a similar theme: If you don’t innovate and embrace new technologies and platforms, and “recalibrate” existing ones, you may miss out on big gains…