Consumers plan to spend big this holiday season

"We're not only seeing a shift in the amount that shoppers are spending but also what they spend their budgets on, including a focus less on giving and more on living," said Naveen Jaggi, President of Retail Advisory Services, Americas, at JLL. "With consumers expected to increase their holiday shopping budgets by over $300 from last year, this increase is, in part, due to a 56% uptick in spending on holiday-related experiences, such as dining out or attending a live performance, signaling that shoppers are embracing more than just physical goods this season."

Among physical gifts, clothing, electronics, and accessories will top the list of items shoppers plan to give others this holiday season. However, gift-giving won't stop with family and friends this year. 83% of holiday shoppers plan to buy a gift for themselves this year (up from 76.2% in 2023), with apparel and electronics topping consumers' self-indulgent lists.

Stores increase relevance for holiday shopping

Most consumers will interact with physical retail storefronts this year, even more than in 2023, either by shopping in a mall; in an open-air center; picking up curbside or in-store, or a combination thereof. Consumers will also turn to multiple channels to shop, including an increasing reliance on social platforms for holiday gift ideas. Over eight in ten respondents will use social media platforms like Facebook, Instagram, and TikTok to inform 2024 holiday shopping decisions, with TikTok's e-commerce platform nearly doubling in popularity relative to 2023. While shoppers continue to turn to their digital devices to check gifts off holiday shopping

lists, only 12% of holiday shoppers will exclusively order online this season as consumers increasingly prioritize in-store holiday experiences.

"Our survey indicates that consumers will flock to physical stores this holiday season, with malls emerging as the top brick-and-mortar destination. In fact, we're forecasting an 18% uptick in mall visits where shoppers can experience the full breadth of holiday spirit," said Kristin Mueller, President, Retail Property Management at JLL. "Consumer demand for physical experiences, whether that be dining out, listening to live music, or appreciating storefront décor, has revitalized the mall experience and we're expecting this resurgence to further accelerate in the 2024 holiday season."

And for the first time, department stores topped the list of store types where consumers plan to visit for holiday shopping. With over half of consumers (57.9%) planning to visit department stores, this increase correlates with the rise in mall visits overall, where mall shoppers will increase by 18.7% this year.

Holiday shopping begins early, but deal seekers will wait for Black Friday

Early bird shoppers have already begun sourcing their holiday gifts, with over 40% of consumers reporting that they started checking items off their lists in September. By the week after Thanksgiving, JLL predicts that the number of consumers that have started shopping will more than double (86%), as consumers open their wallets to take advantage of deal days like Black Friday and Cyber Monday.