2023 Shoppers Turning to Small Businesses for Holiday Shopping
Now is the time to make sure you’re ready for the big holiday sales push, and retail shops can expect to find consumers ready to buy! According to TransUnion’s 2023 Holiday Shopping Report, despite the economic challenges of 2023, their survey concludes that most Americans plan to keep their holiday spending the same, if not increase their spending.
This shopping report explains why it should be a good sales year for small businesses during the holidays. This blog will review data from TransUnion’s Holiday Shopping Report and explain what it means for personalization businesses all over the United States.
How much are consumers spending?
In August of 2023, 1,512 adults were asked about how much they plan to spend on holiday shopping this year. Compared to last year, the number of households in the higher spending categories has increased tremendously, while households in the lower spending categories have shrunk. This year, 30% of households claim they plan to spend $501 - $1,000 on the 2023 holidays, whereas only 22% of households last year said they would spend this amount on the holidays. The $1000 and more category has also increased from 14% to 21% of households.
Based on these results, consumers are not planning to reduce their holiday spending this year. In fact, a larger portion is willing to spend more on gifts for the holidays. Because of this increase in holiday spending, businesses should expect an increase in sales in the 2023 holiday season
What are consumers buying?
Households were asked how they’re planning to change their gift buying if at all, this holiday season. The categories they could choose included: giving more practical gifts, giving experiences, buying more gifts this year, buying fewer gifts this year, buying cheaper versions of gifts this year, and no change. A third of the households participating in this survey stated that they planned to give more practical gifts during the 2023 holidays.
These practical gifts include clothing, gift cards, electronics, household items, and more. Out of all categories, most households said they plan to purchase clothing during the holiday season. This is an excellent opportunity for personalization businesses to offer gifts that align with consumers’ shopping habits this holiday season. Offering personalized clothing such as shirts, sweatshirts, and hats with sublimation, toner heat transfer, or another personalization technology, will help bring increased sales to your shop this season.
Electronics and household items were two other categories that strongly influenced households’ holiday spending choices. Items like the Bluetooth Speaker Tumbler are great choices for customers when they’re looking to buy gifts for their loved ones. This item is a practical and trendy piece that can be personalized just for them. Personalized home décor pieces are also thoughtful gifts that become increasingly popular during the holidays.
Social media utilization is increasing
In 2023, more consumers turn to social media to find their gift items. Consumers are now more apt to click on social media ads to reach those smaller merchants. Even if it’s just for a few months before the holidays, putting some investment behind your social media posts could be a good idea to increase your sales and reach a bigger audience.
The holidays are a great time to have a personalization business, and it’s an opportunity for you to set yourself up for future success. With consumers leaning more toward practical gifts in 2023, it’s easier than ever to find what types of personalization gifts your customers will be looking for. Whether you personalize products with sublimation, engraving, vinyl, toner heat transfer, UV-LED printing, or any other type of technology, we have the top trending blanks available for you to offer in your shop this busy season!