Consumers Will Maintain 2022 Spending Levels In 2023, Survey Finds
Two-thirds of Americans say they will spend the same or more at retail in 2023 as they did in 2022, according to a new survey from Dollar Tree and DailyPay.
The survey of more than 2,000 adults in the U.S. found that 67% of survey respondents’ spending habits this year will at least mirror what they spent this past year. It is notable that 44% said they are more likely to prioritize shopping for bargains in-store this year.
Signaling a continued increase in in-person shopping, about three out of four Americans (73%) plan on shopping the same or more in-store in 2023 versus last year. The survey also reveals Americans' preferences regarding purchasing particular items in-store versus online.
- 81% in-store for furniture
- 69% in-store for home goods
- 65% in-store for apparel
- 65% in-store for sporting goods
- 59% in-store for electronics
"It's encouraging to see that Americans' spending plans are trending upward with only a third planning to spend less this year despite these times of financial uncertainty," said Kate Cheesman, vice president of Customer Success, DailyPay. "With more people shopping in-store, retailers will be prioritizing retaining their top talent to maximize their in-store experience."
Dollar Tree, which operates more than 16,000 stores across the Family Dollar and Dollar Tree banners, are seeing similar trends to those revealed in the survey.
"Our customers are incredibly savvy and taking advantage of our value-price model to stretch their money even further during these uncertain economic times," said Mike Creedon, chief operating officer at Dollar Tree. "While discretionary purchases remained strong, we're also seeing an increase in consumables in Dollar Tree and Family Dollar stores."
The survey was conducted online within the U.S. by The Harris Poll from Jan. 4-6, 2023 among 2,032 adults ages 18 and older.