In September 2022, KPMG polled more than 1,000 consumers across the United States to learn about expected consumer spending and shopping habits, and holiday gathering and travel plans.1 Responses show that in a year in which most consumers (78 percent) have maintained or increased their household income2 and are increasingly willing to shop, travel and gather in-person, concerns over rising prices are quelling the overall holiday shopping outlook.
Red hot inflation is the grinch that could spoil seasonal success for retailers—if they fail to adjust to evolving consumer habits. Eighty-five percent of shoppers are at least somewhat worried about inflation, notably more than stockouts (63 percent) and shipping delays (57 percent).4 Consumer concerns regarding inflation are driving more conservative holiday spending, as shoppers continue to confront sticker shock online and in-store.
Households will up their holiday spending this year, but it won’t translate to more gift-giving or more extravagant presents and events. Average anticipated holiday spend for 2022 is $1,072, an increase of 6 percent over last year3. However, considering inflation rates, the findings show consumers approaching this season with reserve.
2022 Holiday shopping concerns
Holiday shopping plans, 2021 versus 2022 planned
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
While 80 percent of respondents expressed concerns over inventory shortages in 2021, this seems to have flipped in 2022 with 59 percent of them anticipating minimal shortages. Additionally, 30 percent of executives expect no shortages, compared to only 3 percent that expressed little or no concern over shortages.4
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
While 80 percent of respondents expressed concerns over inventory shortages in 2021, this seems to have flipped in 2022 with 59 percent of them anticipating minimal shortages. Additionally, 30 percent of executives expect no shortages, compared to only 3 percent that expressed little or no concern over shortages.4
While most respondents in our survey are expecting and preparing for a recession in the next 12 months, many believe it will not be too severe and predict it will less than a year.5
Inventory problems concern the majority of consumers, but reactions will be somewhat constrained, positioning Black Friday and Cyber Monday to be the most important days on the retail calendar. Most holiday shoppers plan on shopping Black Friday (60 percent) and approximately 51 percent plan on shopping Cyber Monday with Prime Day is not far behind. 5
In 2022, there will be a slight uptick in holiday travel6 and marginally more attendance at holiday events.7 What consumers spend to be together—on things like party food and plane tickets—are expected to rise considerably. Nearly 9 in 10 (88 percent) of consumers say price increases are the reason they expect to spend much more on groceries this season: The average expected increase in grocery spend is a whopping 18 percent.8
Consumer shopping plans by sales event
Reasons why consumers expect to spend more on groceries this
fall/winter
Footnotes
