Key Insights For Navigating the 2024 Holiday Shopping Season

As the 2024 holiday season rapidly approaches, Deloitte’s annual Holiday Retail Survey reveals expected shifts in consumer behaviors and optimism among shoppers. The survey was conducted between August 30 and September 6, 2024, gathered insights from 4,114 US consumers, providing a comprehensive look at the holiday shopping landscape.

Holiday spending is projected to rise by 8% compared to 2023, as consumers plan to spend an average of $1,178 on gifts. With Thanksgiving falling on November 28, the latest possible date, this year presents the shortest shopping window since 2019. Additionally, forecasters expect a dip in retail sales around the presidential election on November 5. These factors are shaping up a unique holiday shopping experience, and making early promotional events more important than ever. 

Brands should be prepared for more early shoppers, as 78% of respondents plan to take advantage of October and November promotional events, up from 61% in 2023. Most holiday spending is expected to happen in late November, with 68% of respondents planning to shop during Thanksgiving Week (from Thanksgiving Day through Cyber Monday). This marks an increase from 66% in 2023 and 49% in 2022, highlighting the importance of holiday shopping events. The breakdown of when people plan to shop during Thanksgiving Week is:

• 21% on Thanksgiving Day (November 28)
• 47% on Black Friday (November 29)
• 20% on Small Business Saturday (November 30)
• 43% on Cyber Monday (December 2)

Overall, 75% of consumers plan to shop during at least one promotional event during the holiday shopping season, compared to 61% in 2023. Another notable change in behavior is that 52% of shoppers plan to add items to their wishlist or cart and wait for applicable discounts, underscoring the importance of strategic promotions. 

Online shopping is expected to experience further growth this year, with Deloitte forecasting a 7% to 9% increase in online sales. Consumers are also favoring online shopping over in-store experiences for their holiday shopping. The breakdown of shoppers’ preferred retail environment is: 

• 71% online retailers 
• 55% mass merchant retailers
• 31% department stores
• 29% off-price retailers
• 28% local independent stores
• 24% supermarkets or grocery stores
• 21% outlet stores/malls
• 17% dollar stores
• 14% toy stores

As online shopping grows, the digital experience continues to evolve. This year, 48% of respondents plan to shop on their smartphone and 13% plan to buy gifts through social media. These behaviors emphasize the importance of providing a seamless mobile shopping experience.

The survey also revealed the top categories consumers are planning to buy gifts in. Respondents said they will shop for:

• 71% clothing & accessories
• 67% toys & hobbies
• 63% food & beverages
• 52% electronics & accessories
• 47% gift cards
• 46% health & wellness products
• 40% home & kitchen items
• 39% pet products
• 39% experiential gifts including event tickets, restaurants, spas, etc. 

Brands can prepare for this unique holiday shopping season by planning early promotions, offering strategic specials, and ensuring mobile-friendly shopping experience. Understanding shifts in consumer behavior and demands is also key to capturing sales during the busiest time of the year. 

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