High-income consumers are more likely to start holiday shopping early.
Shoppers are getting an early jump on holiday shopping — especially those in a certain income bracket.
Twenty-seven percent of consumers started their holiday shopping as early as August this year, an increase from 19% who had started at the same time last year, according to Jungle Scout’s “Q3 2023 Consumer Trends Report,” a quarterly study of over 1,000 U.S. consumers.
High-income consumers are more likely to start holiday shopping early, with 44% having started already, compared to 23% of consumers with lower incomes. In total, 42% of consumers will have started their holiday shopping by the end of September.
Most consumers (79%) say their spending has been impacted by inflation in recent months, with 56% saying inflation is impacting holiday shopping plans, according to the report. For those cutting holiday expenses, lower-income consumers will spend less per person on gifts. Higher-income consumers are more inclined to trim the number of recipients on their lists.
Other findings from the Jungle Scout report are below.
•More than half (54%0 of shoppers have either never tried AR, such as virtual try-on, or use it infrequently.
•Online spending increased for more than half of high-income consumers in the third quarter, compared to 24% of lower-income households.
•Thirty-three percent of high-income consumers shop online at least daily, compared to 18% of consumers with lower incomes.
•Consumers with high incomes are more likely to start product searches on social media, with 41% starting on Facebook.
•Forty-eight percent of high-income consumers consider Amazon’s Climate Pledge Friendly badge very important when purchasing products, compared to 24% with low incomes.
“Consumers are starting their holiday shopping earlier and adjusting spending due to inflation, transforming the online holiday shopping landscape,” said Mike Scheschuk, president of small and medium business at Jungle Scout, an all-in-one platform for ecommerce sellers. “With consumers eager to take advantage of upcoming shopping events like Prime Big Deal Days and Black Friday, businesses must adapt their strategies by prioritizing competitive deals and a seamless customer experience.”
Jungle Scout is the leading all-in-one platform for e-commerce sellers, supporting more than $50 billion in annual Amazon revenue. For the report, Jungle Scout conducted an anonymous survey between Aug. 3 and Aug. 6, 2023, among 1,000 U.S. consumers about their buying preferences and behaviors. Respondents represented 49 U.S. states, all genders, and ages 18 to 75+, as well as various employment types and income levels.