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Rising prices are affecting Americans’ shopping behaviors in a variety of ways. Despite financial challenges, holiday shopping remains a priority for many younger Multicultural Americans.
December 14, 2022
Sudipti Kumar – Associate Director
Inflation is a pressing concern for most Americans today. This summer, Collage Group launched an urgent initiative into consumer attitudes and behaviors related to the present economic situation. More recently, we followed up to better understand how rising prices may be affecting younger Multicultural Americans’ shopping preferences during the holiday season.
Key Insight #1
Overall we found that despite the backdrop of financial challenges, most younger Americans will be spending the same or more this holiday season. This is particularly true of Black Americans’ who are also the least likely to have made changes to their shopping behaviors due to rising prices across a variety of categories.
Key Insight #2
For those younger Americans who do plan to spend more this holiday season, the main reason is that they have more money to spend. Asian and White Americans are more likely to have more people to shop for on their gift buying lists.
Key Insight #3
For those Younger Americans who are spending less this holiday season, it’s not surprising that having less money to spend tops the list of reasons why they are spending less followed closely by the higher costs of gifts this year. Hispanic and Asian Americans are more likely to be saving for a bigger purchase than other segments.
So what can your brand do to support shoppers this holiday season?
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Collage Group is a certified Minority Business Enterprise (MBE) by the National Minority Supplier Development Council (NMSDC).
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Collage Group is a certified Minority Business Enterprise (MBE) by the National Minority Supplier Development Council (NMSDC).
©2023 Collage Group
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