Three Holiday Shopping Trends Retailers Should Expect in 2022

The 2022 holiday shopping season may indeed be the most wonderful time of the year for retailers. Though shoppers are concerned about inflation, they are upbeat about giving — and many are budgeting for big holiday spends. 

Through our Monthly Consumer Tracker (August), we set out to learn more about what is driving shoppers' priorities, preferences and concerns this year. Our results revealed three primary trends that retailers should keep in mind while creating and implementing their holiday strategies. 

1. Shoppers Are Spreading Out Holiday Season Purchases

The holiday season is getting longer this year — literally. Between Thanksgiving and Christmas, there are five shopping weekends instead of four, giving consumers more time to check everyone off their gift lists. 

In fact, many shoppers plan to start early, looking for the best deals or hoping to secure timely deliveries before parties and gatherings. Nearly one-third of those surveyed in our Monthly Consumer Tracker plan to start holiday shopping before October, with an additional 26% of respondents planning to start during October. One-quarter of consumers surveyed have already created a holiday wish list or put items in an online cart, awaiting their next paycheck or retailer discounts to complete their purchases. 

The report also shows that 50% of respondents want to spread out purchases across paychecks as inflation squeezes earnings. The expanded holiday season gives these budget-conscious shoppers more time to stretch their dollars. 

2. This Year, Giving Is About Value 

According to our Monthly Consumer Tracker, 46% of respondents plan to wait for items to go on sale before purchasing them. An additional 34% plan to shop on Black Friday to find special discounts. 

This year's holiday shoppers may not be content with sales alone — they want their purchase to count toward something. For instance, “Spend more, get more" deals are gaining in popularity, along with eye-popping rewards or loyalty points. Retailers should consider how they position existing and new discounts to demonstrate personalized value for their customers. 

However, value doesn't always mean deals and discounts. It can also mean aligning with customers' personal ideals and preferences. For instance, survey respondents who plan to shop in person want to support local retailers. 

3. More Online Shopping Than Ever Before 

Though in-person gatherings are expected to increase in 2022, the IRL urge won't extend to shopping. In fact, 36% of consumers surveyed expect to shop online more this year than last year. What's driving the increase? According to our research, 45% of those surveyed expect to focus more on seeking out sales and promotions, which some perceive to be better online. About one-third also believe that online stores offer more reliable inventory than brick-and-mortars. 

Interestingly, 16% of respondents said that a loyalty program or credit card with an online retailer influenced their decision to shop online, underlining how strategic shoppers have become in recent years. Retailers who use hurdle or threshold bonuses can incentivize online customers wanting to maximize holiday purchases. Overall, our research shows many people continue to dedicate a more significant share of their planning, budgeting and purchasing to online shopping. 

A Bright Season Ahead

Though inflationary concerns may be the trending story heading into the holidays, consumers are approaching the longer shopping season eagerly and early, hoping to find the best value for their budgets.

When retailers meet their customers where they are, it's possible to help shoppers achieve all of their holiday shopping goals.

Synchrony is a leader in launching new capabilities and solutions for businesses to help drive sales, loyalty and reach new customers with more financing options. Contact us to find out how we can do more for your business.

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