The holiday season is fast approaching, and with it comes a flurry of questions about what will shape the 2023 holiday trading landscape in Australia. In response, CPM-Retail Safari is excited to announce the release of its highly anticipated 8th edition of the Christmas Shopping Intentions Survey, designed to offer invaluable insights into the shopping behaviours and preferences of Australian consumers during this festive season.
2023 promises to be a unique year for holiday shopping, marked by significant shifts in consumer sentiments and spending patterns. One standout finding is that Australian consumers are approaching the season with caution, intending to be more prudent with their spending compared to the previous year. This cautious approach is likely a response to the current economic climate characterised by inflation and interest rate fluctuations, which are impacting households across the nation.
Key Findings for this Christmas Shopping Season
- Christmas Spending Sentiments: Australians plan to spend an average of $600 on Christmas gifts, with 73% of consumers expecting inflation and interest rates to influence their spending decisions
- Holiday Shopping List: Gift cards and gift certificates have surged back as the preferred presents, chosen by 43% of respondents, closely followed by electronics at 42%.
- Christmas Shopping Timing: Australians are embarking on their Christmas shopping early in 2023, with 70% expected to complete their shopping by the end of November.
- Shopper Channel Preferences: The omnichannel approach continues to reign supreme, with 83% of shoppers planning to use both physical and online channels for their holiday shopping.
- Top Reasons for Shopping In-store or Online: Shoppers prefer in-store shopping for the tactile experience, while the comfort of shopping from home is the primary driver for online shopping.
Furthermore, CPM-Retail Safari’s report sheds light on the Black Friday and Cyber Monday trends, revealing that Australians favour online purchases during these sales events, particularly for electronics. A notable shift from last year is the increased interest in buying from physical stores during Cyber weekend sales events.
In light of these insights, businesses gearing up for the holiday season should reinforce their omnichannel approach to cater to evolving customer preferences by offering specialised Product Advisors to advise and recommend products, supporting both in-store and online.
CPM-Retail Safari’s Christmas Shopping Intentions Survey serves as an indispensable resource for retailers, brands, and industry leaders seeking to navigate the intricate landscape of holiday trading in 2023.
Download the 2023 Christmas Shopping Intentions report to discover consumer trends and insights for the season, and the emerging retail trends that are rapidly becoming central to success in the Christmas trading period.
