In the JLL 2023 Holiday Shopping Survey Report, consumers interviewed plan to increase their spending on entertainment and experiences during the holiday season this year, but at the expense of how much they plan to spend on physical gift giving.
The online survey JLL conducted of 1,095 U.S. adults in August found that spending on physical gifts will decline to $748 per person against an average of $868 in 2022, representing a decline of 13.8 percent. However, by JLL adding a new spending component in the survey measuring “Experience,” respondents’ overall holiday budgets will exceed 2022. With the entertainment metrics factored in, JLL forecasted holiday spending to reach $958 per person in 2023, of which 22.8 percent to be used for holiday entertainment and experiences.
On average, surveyed respondents will spend $218 on entertainment and holiday-related experiences.
“It’s official: consumers want to have fun,” said JLL, the largest real estate firm worldwide, in the study.” And they intend to dive into the holiday experience headfirst. This year, there is a clear focus on enjoying a wide variety of holiday-related entertainment and experiences, enjoying the in-store shopping experience and buying enjoyable gifts for loved ones and themselves.”
JLL’s survey found more than 90 percent of respondents plan to participate in at least one holiday-related experience. Asked which activities they will take part in at least once, the top answer was dining out at a restaurant, cited by 65.5 percent, followed by going to the movies, 43.7 percent; attending a live performance, 27.5 percent; traveling on vacation and staying at a hotel, 23.5 percent; visiting a kid’s attraction, 20.6 percent; visiting an eatertainment venue, 18.0 percent; and take kids to see Santa, 14.7 percent.
The survey shows that those respondents expecting to dine out at a restaurant or go to a movie theater were almost twice the number in 2022.
Over 60 percent of respondents said they plan to participate in two or more holiday experiences—especially true of wealthy consumers interviewed, with 76.3 percent planning to engage in multiple holiday-related experiences.
Among generations, while dining out was popular with all age groups, older respondents plan to dine out more than younger ones. Nearly 74 percent of respondents over 60, primarily Boomers, said they plan to dine out, compared to 58.4 percent of the Gen Z group (ages 18 to 29).
Based on the survey results, millennials were more likely to participate in different activities, with 16.1 percent of 30 to 44-year-olds planning to enjoy four or more holiday-related experiences this year, especially kid-friendly ones. More younger respondents have plans to go to the movies or visit an entertainment venue than older respondents.
Men were more likely than women to participate in most holiday experiences, except dining out and taking kids to see Santa Claus. With smaller budgets, modest-income respondents (earning less than $50,000) were significantly less likely to participate in holiday experiences, except for visiting Santa Claus.
Other findings from this year’s JLL survey include:
- Fewer respondents plan to change how they shop due to inflation. Roughly one-third responded that inflation will not change how they shop this holiday season, up from 28.9 percent in 2022. These respondents will spend 18.3 percent more than the average outlay in 2023. Older respondents are even less likely to change their shopping plans due to inflation, with 43.8 percent not changing plans.
- Most respondents said they would still look for creative ways to save money, including taking advantage of sales and deal days, buying less expensive gifts, and shopping for fewer people—especially true of modest earners (earning less than $50,000). Respondents with lower-than-average budgets plan to buy used or cheaper products or will re-gift more than the other respondents in the survey.
- Respondents said they would not limit themselves to one shopping channel. Approximately 57 percent said the would shop two or more channels for holiday gift shopping. Roughly 48 percent of respondents who order online for home delivery said they would also visit an open-air center, and 41 percent would shop at a mall.
- Asked to list the Top 3 retailers (in-store or online) for holiday shopping this year, the Top 10 responses were Amazon, cited by 64.7 percent; Walmart, 47.6 percent; Target, 41.8 percent; Macy’s, 9.7 percent; Kohl’s, 8.6 percent; Best Buy, 8.4 percent; Costco, 4.7 percent; eBay, 4.0 percent; JCPenney, 3.4 percent; and TJ Maxx, 2.9 percent.
- Three of the Top 5 gift categories on respondents’ lists included having fun, interactive elements; toys, 39.2 percent; games, 38.5 percent; and electronics, 37.3 percent. Also landing in the Top 5 were clothing, 57.5 percent and gift cards, 45.9 percent.