Many factors go into a consumer's decision on how much to spend for a holiday. The current state of the economy as well as the endemic phase of the Covid-19 pandemic have played a large factor in how much consumers have to spend on non-essentials. With Valentines Day coming up, how much are consumers really willing to spend? According to an article from the Mintel Markets Report from 2022:
"More than half (57%) of consumers plan on spending less during the non-winter holidays in 2022 than they did last year; while 43% plan on spending more. This means consumer financial situations (healthy, struggling, etc) will be a key driver/deciding factor in how consumers approach and spend on these occasions."
In a prediction for this year, 2023, the report says:
"Consumers will have less money to spend due to continued rising prices and interest rates. They will become more selective with their spending, fringe holidays end up on households' budgets chopping blocks, while meaningful occasions like Mother's Day, Father's Day, and Valentine's Day will be prioritized."
The article suggests that consumers will likely choose to spend more on non-winter holidays that hold more significance, such as Valentine's Day. Despite predictions showing less spending this year than last, consumers are still expected to be big spenders on Valentine's day as holidays like this give people a reason to celebrate and provide a break from the monotony of everyday life. This year's current financial climate has weakened many household budgets, but many will still choose to spend for these smaller, yet meaningful holidays.
To review the complete report of Non-Winter Holiday Shopping-US-2022 , search the article in Mintel Market Research Reports.
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