According to Deloitte’s 2022 holiday retail survey, holiday spending this year is the same as in 2021, although 37% of consumers say their financial situation is worse than last year, and about three-quarters (73%) expect everything to become more expensive. However, low-income consumers plan to spend 25% more than last year. At the same time, 77% of retailers estimate sales growth during this period compared to 2021.

According to the study, 41% of consumers predict an unfavorable development of the economy next year, the percentage increases from 33% in 2021 and 27% in 2020. In these conditions, consumers refuse non-essential purchases, the number of which decreases by 12%. , give gifts in the form of products (+1%) and in the form of experiences that involve communication, namely parties, trips to restaurants or concert tickets (+7%). But the average number of gifts has decreased from 16 last year to nine this year, and the preference is shifting to gift card-type products (up 7%).

To offset rising prices, 32% of shoppers are looking to buy reusable (used/refurbished) items, and 48% of retailers say they will sell them this season.

Price increases are a motivator for both those who say they will spend more this holiday year (51%) and those who say they will spend less (66%). In addition, retailers also estimate that the prices of their products will increase by 10% (43% of retailers) or even more (20% of retailers).

“Currently, inflation is a challenge for both the business environment and the population of most countries of the world. Under such conditions, 34% of citizens of the European Union say that their main concern is related to the increase in prices and, implicitly, the cost of living. In Romania, 54% of respondents cited rising prices for consumer goods and energy as the most important problems they face. However, in the first half of this year, private consumption was the main driver of the growth of the Romanian economy (+7.5% compared to the same period last year), and for the next period, official forecasts indicate an annual rate of 2.7%, “said Raluca Baldea, Deloitte Fiscal Services Partner in Romania and Retail and Consumer Products Industry Leader.

As in previous years, online shopping will dominate the season, but brick-and-mortar stores are regaining ground lost during the pandemic. So this year, 35% of the holiday spending budget goes to brick-and-mortar stores (compared to a low of 28% in 2020), but 63% goes to online shopping. Additionally, 34% of consumers plan to use social media for holiday shopping, with this percentage much higher among young adults. Millennials (56%) and Generation Z (60%).

At the same time, approximately four out of ten consumers intend to choose green gifts, and they want to spend 14% more than the average, unlike others who are looking to reduce their expenses. Among those who avoid sustainable products, 45% believe that they are not available, and 31% believe that truly sustainable products are difficult to identify.

This year, too, shoppers are concerned about the availability of the products they want (77%), but retailers are 100% confident they will receive the products they ordered in time for the holiday season (compared to 57% last year). .

The Deloitte 2022 Holiday Retail Survey was conducted based on a survey of nearly 5,000 U.S. consumers and 40 retail executives, more than 90% of which have annual revenues of more than $1 billion.