October 3, 2024
While online shopping still reigns supreme when it comes to the holiday shopping season, mall shoppers are expected to increase by 18.7% and outdoor shoppers by 10% this year.
These are the findings of JLL’s 2024 Holiday Shopping Report, which surveyed more than 1,000 consumers in August, and said in a press release that 2024 holiday budgets will increase by 31.7% and more in 2023. There were significant differences in shopping behavior compared to 2017.
“Our research shows that consumers will flock to brick-and-mortar stores this holiday season, with malls emerging as the top destination for brick-and-mortar destinations. We forecast an 18% increase in visits to ‘Feel the Holiday Spirit,”’ Kristin Mueller, president of retail property management at JLL, said in a release. “Consumer demand for physical experiences, such as eating out, listening to live music, and admiring in-store decorations, is reinvigorating the mall experience, and we expect this resurgence to further accelerate during the 2024 holiday season. .”
Other key findings include:
Consumers prioritize experiences, food and decorations: JLL reveals spending on food and decorations will increase 61% from 2023, while budgets for holiday entertainment and experiences will increase 56.4% year-on-year I did. Holiday shopping starts early, but deal seekers wait until Black Friday. Currently, more than 40% of consumers have already started shopping for the holiday season, and by the weekend after Thanksgiving, 86% of shoppers will have started opening their wallets for sale days. Shoppers prefer electronics and accessories: Among physical gifts, clothing, electronics and accessories are high on the list of items shoppers plan to gift others this holiday season. It’s at the top. Additionally, with 83% of holiday shoppers planning to buy gifts for themselves (up from 76.2% in 2023), apparel and electronics rank high on consumers’ selfish lists.
The report also found that shoppers spent an average of $1,261 on gifts, holiday food, decorations and experiences, and more.
“We’re seeing a shift not only in how much shoppers spend, but also in what they spend their budgets on, including a focus on living rather than giving,” said Naveen Jaggi, president of JLL’s Americas Retail Advisory Services. says Mr. said in a release. “Consumers are expected to increase their holiday shopping budget by more than $300 over last year, and this increase is driven in part by a 56% increase in spending on holiday-related experiences, such as dining out and attending live performances. This season, shoppers are embracing more than just physical products.”
Most consumers will have more physical store contact this year than they did in 2023 by shopping at malls and open-air centers, picking up items curbside or in-store, or some combination. It will be.
More than 8 in 10 respondents believe they will use social media platforms like Facebook, Instagram, and TikTok to inform their holiday shopping decisions in 2024, and TikTok’s e-commerce platform will be popular in 2023 It is almost double compared to
