As COVID-19 continues to give way to new consumer behaviors, the holiday shopping season is undergoing a revolution of its own. Dramatic increases in online shopping have revealed a digital-first holiday season while even big retailers like Best Buy, Walmart and Target elected to keep physical stores closed on Thanksgiving for safety.
Recent reports by WWD have found a shift not only in holiday budgets but high-spend categories as well. For fashion industry stakeholders such as designers, retailers, suppliers, store managers, students, investors and influencers, the purse strings will be tighter this year with holiday spending.
According to an exclusive consumer survey conducted by WWD of its readership, 57.5 percent of respondents planned to spend less on this year’s holiday season than last year, with 38 percent saying they would spend about the same as last year, and just over 4 percent saying they would spend more.
In the fashion apparel and accessories category specifically, WWD’s survey found about 20 percent of respondents would spend between $501 and $1,000, followed by about 17 percent responding they would spend just $201 to $300 and $301 to $400, respectively, while just over 13 percent said they would spend $101 to $200 and over $1,000, respectively; only 10 percent saying they would spend less than $100, and about 9 percent would spend between $401 and $500 on the category this season.
Further, the survey revealed that the beauty products category would be a top segment for spending on gifts and personal purchases this year, with 52.2 percent of respondents saying it would be their top spending category. Personal-care products followed at 45 percent with footwear following close behind at 44.3 percent and ath-leisure at nearly 35 percent.
WWD’s holiday apparel shopping survey was conducted at the beginning of the holiday shopping season and includes responses from consumers within North America, Central America, Central and South Asia, Southeast Asia, Middle East and across Europe.
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