Despite the economic forecast, we just looked out the window and… yep, people are definitely still shopping.
In fact, 65% of shoppers plan to spend the same or more during holidays according to research by Klaviyo and Qualtrics.
Here are a few lightbulbs from their study:
- By generation, millennials and Gen Z are more likely than boomers and Gen X to increase their holiday shopping, especially in hobbies, home decor, and jewelry.
- By relationship status, inflation may affect partnered people more than singles, but they will still look to spend more on stuff like jewelry and electronics.
- By family status, inflation is affecting parents more than any other demographic. When they spend, it’ll be mostly on fitness, jewelry, and electronics.
- By household income, households earning less than $75k a year are deeply affected already, while those earning $200k–$500k are the least affected by inflation.
Why we care: Hey, these Q4 sales predictions are getting… confusing. Some say they’ll grow. Others say they’ll shrink?
Use the stats to be aware of the market conditions, but mostly rely on your own numbers. The numbers talk about the average business. But if you have a great offer and brilliant marketing… you can do way better than “average”.
And speaking about BFCM, here’s something that can help…