A new report from Coveo examines consumer sentiment towards the upcoming holiday shopping season, from Black Friday and Cyber Week through the December holidays.
“Gift or Grinch? Unwrapping This Season’s Shopper Spending Plans,” is based on a survey of 4,000 U.S. and United Kingdom adult consumers conducted in July 2024 by Coveo in partnership with Arlington Research. Grocery retailers can expect a healthy digital boost during the holiday shopping peak, according to a news release.
More than half (55%) of consumers said they plan to grocery shop online or use delivery apps for holiday meals and parties; of these respondents, 20% said this is an increase to their typical online grocery shopping routine. The trend is even more pronounced among younger generations, with 68% of millennials and 69% of Generation Z choosing these convenient options, the release said.
The report unveils indicators of a robust upcoming fourth quarter for retailers, with 59% of shoppers saying they plan to cut everyday purchases to prioritize gifting budgets and 76% planning to maintain or increase gift purchases this holiday season.
Another finding in the report is that the majority of shoppers can be swayed to purchase unplanned items this holiday season, as 85% of respondents said they are prone to impulse buys online, especially fashion, shoes and apparel. Furthermore, 90% of shoppers said they are open to being persuaded to add items to their existing online order, showcasing the potential for artificial intelligence-driven strategies to enhance retailers’ ability to cater to shopper preferences in real time and increase cart values.
“Shopper enthusiasm and receptivity to persuasion are clear standouts in our annual holiday report findings, signaling that retailers have a major opportunity to capture a greater share of consumer spending during the upcoming shopping peak,” Lisa Grayston, Coveo general manager for commerce, said in the release. “Consumers are going into the holiday shopping season ready to be inspired, which opens doors for retailers to lean on their technological prowess to convince and convert. Retailers willing to pioneer and experiment with AI-led strategies for delivering exceptional product discovery experiences and the most relevant offers on the fly are poised to thrive this holiday season and into 2025.”
