Holiday shoppers are geared up and ready for the holiday season; consumers are feeling cautiously optimistic about the impending holiday shopping season which bodes well for retailers. According to a recent survey by consulting firm McKinsey & Company, “…US consumers are feeling bright and cheery. More than half of those surveyed say they are eager or excited for the shopping season, up from around one-third last year.” The survey also revealed that:
- Americans are more willing to travel this holiday season
- Young and high-income US consumers are ready to splurge this holiday-shopping season
- Shopping for the holidays will start earlier this year
- Consumers are shopping deliberately and looking for value
Festive In-Store Holiday Shopping
Looking for festive atmospheres, shoppers will increasingly flock to brick-and-mortar retail stores this year for their holiday shopping. Over 63% of U.S. consumers plan to do at least some of their holiday shopping in-store this holiday season — up from 58% last year, according to JLL’s Retail Holiday Survey 2022 as reported by Chain Store Age.
Shopping Early and Looking for Value
Due to a volatile economy, shoppers are watching their spending more closely this year and holiday shoppers will start earlier in order to spread expenses. With many retailers experiencing an excess of inventory, deep discounts and mark-downs are predicted to spread throughout the season which will help ease the strain on personal bank accounts and meet the needs of deliberate and value-based shoppers.
Splurging on Experiences
Personalized gifts and experiences are reported to rank high on holiday gift-giving lists this year. Customers are looking for personal and immersive experiences to gift this season. Travel, cooking classes, sporting events, and concert tickets could be in high demand.
As reported by Chain Store Age, more men than women plan to enjoy entertainment activities like dining out, going to concerts and bars, and seeing a movie. Women are more likely to host or attend a large holiday celebration or shop at an enclosed mall.
McKinsey’s survey showed that Gen Z and Millenials will be more apt to splurge on themselves and others during the holidays. Expensive experiences with friends and family may be top picks for this demographic. (See our article “Suburban Growth Influenced by Millenials Renters” to learn how millennials are shaping suburban growth trends.)
ABOUT MILLER’S LANDING
At Miller’s Landing, we’re creating a highly desirable location for new retail stores and restaurants.
Miller’s Landing is a new multi-use development in Castle Rock, CO. Our strategic mid-town location, with easy access to I-25, downtown, and nearby residential developments, makes Miller’s Landing the place to locate your store or restaurant.
When completed, Miller’s Landing will feature a pedestrian-friendly town square with locations for retail, restaurants, and entertainment venues. In addition, Miller’s Landing will include attractive multi-family housing and modern office spaces.