A new Intuit QuickBooks report has revealed what could be one of the biggest consumer shopping trends for the holiday season: shopping small.
Forty-two (42%) percent of consumers - or an estimated 109 million people - expect to spend more this holiday season compared to last year, with nearly half (1/2) of consumers expected to do fifty-percent (50%) or more of their shopping at small businesses.
Some top-line findings from the QuickBooks Holiday Shopping Report potentially relevant to the accounting community, that may help them guide their clients through the busy shopping season, include:
- Prioritizing SMBs: For many consumers, shopping small will be a priority as they expect to spend roughly $485 at small businesses this season compared to $342 last year.
- What’s driving this increase?: More than a third of respondents (~34%) are expecting a holiday bonus and of these, more than two-thirds (~69%) say this will encourage them to spend more money at small businesses. Further, nearly three-quarters (~70%) of consumers shared that they began saving for their holiday gift shopping in September of this year or earlier.
- Consumers are looking for flexible solutions: Three in five (~60%) consumers plan to use 'Buy Now, Pay Later' (BNPL) payment plans for holiday shopping this year, and demand for this is especially high among younger Gen Z consumers.
More valuable information is available in the official Intuit QuickBooks press release here.