According to RetailDive, holiday spending in 2023 is expected to increase or remain the same compared to previous years. However, consumers report they'll be shopping at a smaller number of retailers than they have in prior seasons.

This shift in spending serves as a reminder to quiet luxury and designer brands that customer experience is more important than ever – especially considering that 87% of potential buyers plan to purchase their gifts at brick-and-mortar locations.

You can read the full Holiday Spending forecast from RetailDive here, or get our TL;DR version below:

• 8 in 10 shoppers anticipate holiday spending budgets to remain the same or increase in 2023
• 17% of consumers are opting for online product selection, then picking up goods in-store
• Consumers choosing to hybrid shop – i.e. online and in store – are allocating 41% of their budgets for brick-and-mortar, with a minor uptick of 42% designated for digital purchases
• All in all, projections for retail sales in Winter 2023 are optimistic, with Deloitte reporting a potential rise of 3.5 to 4.6%

What do all these numbers mean for retailers, other than going above and beyond with the traditional customer experience? For many, it may mean adding or optimizing hybrid shopping funnels by integrating or facilitating digital checkouts with in-store pickups. The potential bonus here? When customers come into your storefront to retrieve their pre-selected goods, you can inform them about in-store-only specials and promotions you have running for the Holiday season.

This blog ties back to an original post made on St. Croix's LinkedIn.