Report: Impacted by Inflation, Consumers Start Holiday Shopping Early

E-commerce seller platform Jungle Scout has shared new data from its Q3 2023 Consumer Trends Report that shows more than four in 10 consumers will start holiday shopping before October.

In the quarterly study of 1,000 American consumers, 42% of respondents said they will start their holiday shopping before the calendar turns to October, and most consumers (79%) say their spending has been impacted by inflation in recent months. More than a quarter (27%) of consumers started their holiday shopping as early as August this year, an increase from 19% who had started at the same time last year. High-income consumers are more likely to start holiday shopping early, with 44% having started already, compared to 23% of consumers with lower incomes.  

More than half (56%) said that inflation is impacting their holiday shopping plans. To cut costs, Jungle Scout found that lower-income consumers will spend less per person on gifts, while higher-income consumers are more inclined to trim the number of recipients on their lists.

“Consumers are starting their holiday shopping earlier and adjusting spending due to inflation, transforming the online holiday shopping landscape,” says Mike Scheschuk, president of Small and Medium Business at Jungle Scout. “With consumers eager to take advantage of upcoming shopping events like Prime Big Deal Days and Black Friday, businesses must adapt their strategies by prioritizing competitive deals and a seamless customer experience.”

Jungle Scout also found that household income plays a key role in online shopping habits.  Online spending increased for more than half of high-income consumers in Q3, compared to 24% of lower-income households.  A third (33%) of high-income consumers shop online at least daily, compared to 18% of consumers with lower incomes. Consumers with high incomes are more likely to start product searches on social media, with 41% starting on Facebook.