2020 Holiday Gift Giving Outlook
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October 26, 2020
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Given the uncertainty surrounding retail spending this holiday season, FTI Consulting conducted a consumer survey to understand the mindset of holiday shoppers.
The results offer insight into changing preferences, burgeoning trends, and the likely winners and losers from the fallout of COVID-19 and economic uncertainty. Three key customer insights will drive the holiday season:
- Consumers will spend less, as price and convenience are of utmost importance. One-third of individuals indicated that they would reduce spending by 10% or more.
- Consumers will shop online more than ever before. Nearly 80% of respondents answered “Yes” when asked if they were more likely to shop online relative to last year.
- Consumer preferences will impact product categories and retailers differently. Social distancing, work-from-home orders and an uncertain economy have caused us to change our priorities.
The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.
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Published
October 26, 2020
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