Economic uncertainty and geopolitical issues are weighing on US consumers. How will it affect their holiday shopping? According to a survey by senior partner Kelsey Robinson and colleagues, 66 percent of consumers rank better prices and promotions as their top consideration in the holiday season, far outpacing product availability, convenience, and better quality. Concerns about prices are most pronounced among baby boomers, followed by Gen X and millennials.
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A chart displays a series of area squares showing the percentage of respondents’ top shopping considerations for the 2023 holiday shopping season, by generational grouping. The top consideration overall is better prices and promotions, with Gen Z at 40% and baby boomers at 74%. Product availability is the next-highest consideration, with 34% or more for all groups, followed by better quality, with Gen Z and millennials leading other groups. The remaining 3 considerations are convenience, better shipping/delivery costs, and easy to shop across store and online, with 18% to 40% across groups.
Footnote: Question: please tell us what your primary considerations will be when deciding where to shop for the holiday season. Please select up to 3. Selected from 14 options. Gen Z = aged 18–25; millennials = aged 26–41; Gen X = aged 42–57; baby boomers = aged 58 and older.
Source: McKinsey ConsumerWise Consumer Community Survey, Oct 17–19, 2023 (n = 1,005), sampled and weighted to match the general US population, aged 18 to 74.
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To read the article, see “US holiday shopping 2023: Consumer caution and retailer resilience,” November 6, 2023.