Report: 1 in 4 Americans Will Spend Less on Holiday Shopping This Year

Jungle Scout just released a new report regarding consumer trends. The Q4 Consumer Trends Report focuses on the fourth quarter of 2020 with an emphasis on how political events and the holiday season will affect the overall economic outlook of 2020 and beyond.

Key insights include:

Consumer spending has continued to drop throughout 2020.
- 46% of consumers reduced their spending in Q3 — after already reducing it in the first half of 2020.
- 61% of Americans are worried about their financial situation, up from 56% in May.
The critical end-of-year shopping season is more precarious than ever.
- 1 in 3 Americans say they will decrease overall spending until the end of the year, and 1 in 4 say they will spend less on holiday shopping this year than they spent in 2019.
Politics are affecting consumer spending.
- 30% of Trump-voting consumers will reduce holiday spending because Joe Biden won the U.S. Presidential election.
- 23% of Americans plan to reduce their 2020 holiday spending in the absence of a stimulus check.
Ecommerce is surging during the COVID-19 pandemic.
- 48% of consumers say they would be fine if they never shopped in a physical store again.
- 69% of consumers plan to shop on Black Friday and Cyber Monday — but the majority will shop online instead of in stores.
Amazon is winning the ecommerce race.
- 70% of consumers shopped on Amazon in Q3 — compared to 35% on Walmart.com and 26% on Target.com.

You can find the full 2020 Consumer Trends Report here.

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About the Author

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.