U.S. consumers are predicted to spend $948 billion on holiday shopping in 2024, according to a survey by KPMG.
Forty-nine percent of consumers say they will increase their spending this year, the data showed, with households earning between $50,000 and $99,000 anticipated to raise their spending by 10%.
“Consumers continue to shop on-line and retailers must invest in their online platforms to provide a seamless and informative shopping experience,” said Duleep Rodrigo, KPMG U.S. consumer and retail sector leader. “This includes optimizing retailer and brand websites to deliver relevant information and personalized recommendations. Retailers who have the deepest data and analytics on preferences by income group can have the greatest success with targeted products and promotions.”
Mass-market retailers remain the top holiday shopping destination for 71% of consumers, according to KPMG, with shoppers moving away from luxury stores (19%) and dollar stores (31%). In 2023, the data showed 25% of consumers favored luxury stores and 35% preferred dollar stores.
“Consumers are seeking value and convenience, making mass-market retailers the preferred choice,” said Rodrigo. “Retailers should focus on providing a seamless shopping experience and competitive pricing to attract customers.”
Meanwhile, U.S. consumers spending more this holiday season can insure their gifts.
Seibertkeck Insurance Partners says insurance is a wise investment for high-ticket presents like electronics, jewelry, fine art and collectibles.
Insuring holiday gifts can protect against theft, provide coverage for accidental damage, replace if lost, or even safeguard investment potential.
The slideshow above illustrates top U.S. states suffering from financial hangover after Christmas as determined by a study from Fred Harrington, CEO of Coupon Mister.
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