EY Holiday Shopping Survey 2024 Released

Foreks - EY (Ernst & Young) released the Holiday Shopping Survey 2024 report, which indicates that spending patterns are being shaped by economic fluctuations, resulting in consumers moving towards conscious shopping. According to the report, which outlines how economic challenges influence consumer behavior, while consumers continue to show interest in year-end discounts, skepticism regarding price authenticity is also on the rise.

The EY Holiday Shopping Survey 2024 report highlights changes in consumers' approaches to year-end shopping and emphasizes that economic difficulties are increasing interest in year-end discounts. The report, which surveyed the opinions and attitudes of 13,000 global consumers towards traditional discount seasons, reveals that 69% of consumers enjoy events such as the 11.11 Shopping Festival, Black Friday, and New Year sales and eagerly anticipate them. However, about two-thirds (64%) of these participants approach these discount periods with skepticism and question the real value of the discounts. Additionally, over half of the respondents (58%) complain that the products they want to purchase during the eagerly awaited discount season are not part of the promotions.

This situation indicates that while economic uncertainty and cost-of-living issues increase interest in year-end discounts, consumers are becoming more careful and selective.

Changing Spending Habits The report shows that 45% of global consumers are concerned about their ability to pay during year-end shopping. 41% of consumers (especially Gen Z, aged 18-27) plan to make purchases using credit cards or loans due to financial concerns. Moreover, 57% of respondents state that they only turn to discounted products because of their financial situations.

Expectation of Discounts Delays Consumer Budgets According to the report, consumers prefer to shift their shopping to the end of the season because they believe discounts will become more attractive. Due to the competitive market and discount days falling late in the season, many companies start their seasonal sales in September or October. Nevertheless, 52% of global consumers do not plan to spend their budgets until later in the season.

Moreover, the report predicts that many believe year-end discounts will increase and that retailers will be keen to clear their stocks in preparation for the new year. Indeed, 60% of survey participants plan to purchase only discounted items, and 67% actively track market offers to capture the best deals, a figure that rises to 73% among consumers with children.

The Role of Physical Stores Remains Important 68% of consumers prefer to buy products from physical stores during the shopping season at the end of the year. According to the report, even in a period marked by a rapid increase in digital shopping, stores are still preferred for experiencing products and ensuring trust.

Gen Z: Focused on Sustainability, Second-Hand Goods, and Fast Delivery The survey identifies Gen Z consumers as the most active group planning to take advantage of year-end discounts. This group, which prioritizes organic and sustainable products (35%), shows an increasing interest in second-hand goods. Furthermore, elements such as fast delivery and technology influence this group's shopping preferences.

Regarding the EY Holiday Shopping Survey, EY Turkey Partner, Consumer and Retail Sector Leader Kaan Birdal states: "The research findings reveal significant insights into consumers' approaches to year-end shopping. While challenging economic conditions increase interest in discounts, we also observe that consumers are becoming more conscious and inquisitive. Particularly, the younger generation prioritizes sustainability and products that offer long-term value, placing technology and digital platforms at the center of their shopping experiences. On the other hand, physical stores maintain their importance for consumers who wish to experience products. Considering the use of technology and experience expectations, this presents an opportunity for the retail sector to develop consumer-centric innovative strategies and build trust."