Charlotte Shoppers Plan to Cut Holiday Spending Amid Inflation Concerns

Charlotte Shoppers Tighten Their Holiday Wallets

The holiday shopping season is just around the corner, and it seems that folks in Charlotte are taking a more frugal approach this year. A new survey has found that Charlotte residents plan to spend less this season compared to previous years. Are they changing their habits for the better, or is it a sign of the times?

Spending Slump

According to a holiday retail survey conducted by Deloitte, shoppers in Charlotte are expected to spend about 1,419 dollars this year. That’s a whopping 32% drop from last year’s spending! To put that into perspective, it’s also 20% lower than the national average of 1,778 dollars and shows a 7% decrease from 2022. It seems like more than just holiday cheer is being trimmed this year!

Scaling Back on Gifts

With the tightening of wallets, it’s no surprise that Charlotte shoppers plan to buy an average of just nine gifts this year, which is one less than last year. It appears that worries about inflation and financial circumstances have folks on edge—specifically, about seven out of ten shoppers are expecting to see higher retail prices.

Online Shopping Takes the Lead

Despite the belt-tightening, experts suggest shoppers haven’t completely lost the holiday spirit. Stephen Douglas, managing director at Deloitte Consulting, mentioned that even though people expect higher prices, many still plan to spend, primarily focusing on online shopping. “Most are leaning towards online retailers and mass merchants for deals and product variety,” he says. Shoppers are looking to get the biggest bang for their buck!

Local Businesses Feel the Holiday Buzz

Now, while shoppers may be opting to spend less, local retailers are still optimistic about the holiday season. Take Harper & Skyler’s Toys and Sweets on Park Road, for example. Owner Dan Weiss says they typically bring in up to 30% of their annual business during the holidays and that they’re already buzzing with activity. “I’ve stocked up just like I do every year,” Weiss noted with excitement. He has some enticing deals lined up for Black Friday, like spending 100 dollars to get a 20-dollar gift card.

Decor and Other Treats

Over at Paper Skyscraper, owner Bill Godwin noted that holiday decor shopping has seen a surge since the election season. With up to 40% of his shop’s annual revenue happening in the last three months, he is gearing up for a “mad rush” this holiday. He’s expanding his stock of ornaments and candles as he observes customers becoming more price-conscious.

Shopping Events in Focus

As for shopping habits, the survey revealed that Black Friday, Small Business Saturday, and Cyber Monday remain the cornerstone shopping days. In fact, a staggering 56% of local shoppers said they plan to hit the stores on Black Friday, while 48% eyeing Cyber Monday sales. Unfortunately, it looks like only 17% intend to support local shops on Small Business Saturday.

Adapting to Change

This year, shoppers are not just looking for discounts; they’re also seeking alternatives. According to the survey, 73% say they will participate in at least one promotional event, while 58% will explore affordable alternatives and brands. It seems like re-gifting, handmade gifts, and private labels are all becoming holiday favorites this season!

Conclusion: A Different Kind of Holiday Spirit

In the end, the upcoming holiday season in Charlotte is shaping up to be quite different. With a mix of lower spending, heavier reliance on online shopping, and a focus on deals, it might just be the most budget-savvy holiday yet. Happy shopping, Charlotte!