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Study: 25% of shoppers to buy secondhand holiday gifts

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Dive Transient:

  • Signaling shoppers’ price range issues, a Jungle Scout Shopper Tendencies survey of 1,000 U.S. customers discovered that 25% of respondents are planning to buy used objects as presents to scale back their vacation spending. Among the many prime methods customers are chopping again their vacation spending are paying much less per individual on presents (54%), buying discounted objects (47%), shopping for presents for fewer individuals (38%), decreasing their vacation adorning spending (36%) and chopping their vacation actions and journey (34%). 
  • Eighty-four p.c of survey respondents mentioned inflation has affected their spending, a 9% bump from the second quarter. The survey additionally discovered that greater than half of shoppers (52%) mentioned their family revenue is unstable, a 36% spike from Q2. 
  • Whereas survey respondents mentioned they’re most probably to forgo gifting themselves, their mates and prolonged household, customers are least prone to reduce the presents for his or her kids, grandchildren, and companions or spouses.

Dive Perception:

The pattern of shopping for secondhand presents for the vacations started earlier than the COVID-19 pandemic disrupted the retail business, however Jungle Scout’s analysis means that it has continued in mild of shoppers’ inflation issues.

In accordance with a 2019 Deloitte report, 61% of Gen Z shoppers and 43% of millennials deliberate to present secondhand objects as vacation presents, in comparison with 1 / 4 of Gen X and 13% of child boomers who mentioned the identical.

Jungle Scout’s report echoes earlier analysis indicating that buyers are turning to used items to fight rising costs. In a ThredUp survey launched in Might, 44% of respondents mentioned they’re chopping again their clothes spending, greater than each different class besides eating at eating places. The report mentioned shoppers had seen an uptick in gasoline, grocery, restaurant, family bills and clothes costs. The U.S. secondhand market is predicted to achieve $82 billion by 2026, per the report. 

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Different analysis additionally suggests that buyers are altering their behaviors in response to excessive prices. A Morning Seek the advice of survey discovered that 79% of respondents have been on the lookout for offers and 77% had lowered their procuring. Eighty-five p.c of respondents attributed their altering procuring habits to inflation.

Nevertheless it’s not simply shoppers who’re adjusting to rising prices. Retailers like Goal, Walmart and Finest Purchase have all needed to reduce steering as they put together for shoppers to spend much less in response to inflation.

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Karem

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