Survey of More than 1,000 Consumers Across
United States Reveals Key Insights and Considerations for Retailers
and U.S. Economy
NEW
YORK, Oct. 28, 2022 /PRNewswire/ -- Ankura
Consulting, LLC ("Ankura"), a leading global expert services and
advisory firm, today published the results of its 2022 Holiday
Consumer Spending Survey conducted by its Performance Improvement
Practice. The survey, which polled 1,042 individuals across
the United States, reveals key
insights for retailers and the U.S. economy.
The survey identified several compelling takeaways about the
changing consumer landscape and items of interest for the 2022
holiday shopping season, including:
- Approximately 66% of respondents plan to start their holiday
shopping before Black Friday, the traditional kickoff for the
holiday shopping season, with 25% stating that they've already
started shopping as of mid-October and another 18% planning to
start before the end of October.
- Nearly two-thirds of survey respondents expressed concern that
out-of-stock items will be an issue when shopping, a concern that
likely is driving the earlier start to the shopping season.
- Well over half of respondents (63%) intend to purchase gift
cards this year, with a preference for gift cards being
particularly high among Gen X, Baby Boomers and Silent Generation
shoppers.
- The savings rate is down and revolving credit levels are up
among the consumers polled, with 24% of respondents saying they
will spend more, 26% will spend less, and 50% will spend the same
as last year.
- Gen Z and Millennials are focused on purchasing lifestyle and
"experiences" gifts, while Gen X, Baby Boomers and Silent
Generation expressed a desire to purchase durable goods in support
of family and friends during what they expect will be an economic
downturn.
Ankura's experts also provided six key considerations for
retailers as they execute their 2022 holiday season sales strategy,
including advice on direct marketing, price and promotions,
brick-and-mortar, inventory, gift cards and shipping preferences.
These considerations should allow retailers to remain nimble and
overcome the current economic headwinds felt by so many consumers
in the currently volatile and inflationary environment.
"Our survey results and the insights generated provide key data
and considerations that we believe will allow retailers to adapt to
a dynamic marketplace and address shifting consumer habits and
preferences," said Keith Jelinek,
Senior Managing Director and Co-Leader of Ankura's Performance
Improvement Practice. "We look forward to continuing to utilize the
valuable information gleaned from this study to assist our clients
in executing their strategies even in these growth-challenged
times."
The full survey and its accompanying data and graphics can be
found at the link here.
About Ankura
Ankura Consulting Group, LLC is an independent global expert
services and advisory firm that delivers services and end-to-end
solutions to help clients at critical inflection points related to
conflict, crisis, performance, risk, strategy, and transformation.
The Ankura team consists of more than 1,800 professionals serving
3000+ clients across 55 countries who are leaders in their
respective fields and areas of expertise. Collaborative lateral
thinking, hard-earned experience, expertise, and multidisciplinary
capabilities drive results and Ankura is unrivaled in its ability
to assist clients to Protect, Create and Recover Value. For more
information, please visit, ankura.com.
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SOURCE Ankura