According to market research analytics companies and retail industry trade groups, American consumers are forecasted to spend nearly a trillion dollars on holiday shopping this year.
Specifically, shoppers could spend around $1,778 each, up 8% from 2023, according to new data released by Deloitte. Meanwhile, holiday sales could grow an estimated 2.5-3.5% to reach $990 billion in sales from November 1 to December 31, up from $964.4 billion in 2023, according to the National Retail Federation.
However, how consumers will spend this money — and on what — has yet to be seen.
In this special Thanksgiving crossover episode with sister publication Modern Retail, Glossy Beauty Podcast co-hosts Lexy Lebsack and Sara Spruch-Feiner are joined by Modern Retail editor-in-chief Cale Guthrie Weissman to discuss BFCM retail trends.
This includes the growing bifurcation between prestige and value shopping. For example, the new luxury experiential brick-and-mortar shops from Chanel, Dior, Laneige and Violet Grey fall in sharp contrast to the “crazy low prices” promised by Amazon’s newest site, Haul. The site seeks to compete with low-price shopping on Temu, TikTok Shop and Alibaba.
The discussion also dives into current retail challenges, like abbreviated shipping times and the forthcoming return rush, as well as the concept of “chaos shopping,” all in today’s episode.
The Modern Retail Podcast, hosted by Weissman and Gabi Barkho, senior reporter at Modern Retail, airs every Thursday.
