Economic situations impacting shopping habits
- Inflation rose 9.1% in the past calendar year.
- High inflation leads to less disposable income.
- Credit card debt jumped by $100B (+13%) in the past year; the biggest increase in 20 years.
- Researchers predict decreased spending this holiday season.
- Gen Z and Millennials are least impacted by inflation.
- 70% of shoppers say they are looking for more deals and sales this year compared to last year.
- Consumer spending habits will shift as shoppers become more price sensitive.
E-commerce trends and insights 2022
- 96% of consumers plan to shop online this holiday season.
- 86% of consumers plan to shop from their phones, with nearly half of millennials planning to shop via mobile.
- 9.4% e-commerce sales growth from 2022 to 2023 and 12% from 2023 to 2024.
- 68% of brands will be increasing influencer marketing budgets for the holiday season.
- 30% of consumers find new brands on social while 28% find new brands on ads on the open web.
- E-commerce sales will continue to grow at a faster rate than brick-and-mortar, but the latter will still make up 85% of total retail sales this year.