With consumer behavior changing rapidly due to unprecedented times, industry experts and consultants expect this holiday shopping season to be a far cry from those past.
Due to the pandemic, consumers have experienced a vast amount of uncertainty — leading to fear, anxiety and conservative spending.
“Over 40 percent of Millennial and Gen Z shoppers expect to spend less this year, with a greater proportion of younger shoppers indicating this compared to older Millennials, according to our survey,” said Deborah Weinswig, chief executive officer and founder of Coresight Research, a global advisory and research firm specializing in retail and technology. “Younger shoppers are early on their jobs or are recent graduates and will be heading into the holiday season with a lower propensity to spend, given their low incomes compared to older shoppers. Savings rates in the U.S. are also on the rise, and younger shoppers are likely to want