Consumers are excited for upcoming holiday celebrations, but many are still shifting their priorities and buying habits due to inflation and other economic challenges, according to a new survey from private brand solution provider Daymon. The company’s "2022 Consumer Holiday Study" was completed last month and surveyed 1,000 respondents about their top priorities entering the holiday season.
Among the respondents who will celebrate Thanksgiving, Hanukkah and Christmas, four out of 10 plan to host each celebration. The survey also found that 42% of Gen Z and the same number of Millennials said they will be hosting this year, with Thanksgiving being the most chosen holiday to host.
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Another commonality among Gen Z and Millennial consumers is their desire to find both healthy and convenient solutions for holiday gatherings. Gen Z is more likely to prioritize sustainability in their brand selection, to be compelled by flavor when they make product choices, and to purchase more pre-made foods than other generations.
Consumers, in general, are expecting to spend more money on holiday groceries this year, but many Millennials, Gen Z and Gen X members still plan to stick to some semblance of a budget. As such, many who have switched to retailers’ private brands have done so because they say their standard brand has raised prices. A mere 17% of shoppers plan to use the same national brand for their holiday recipes that they normally would, Daymon found.
Considering these trends and shifts, Daymon recommends that retailers consider how to best support consumers during this time while maximizing holiday spend and supporting first-time hosts. Grocers can also best target Gen Z shoppers by incorporating prepared options that focus on fresh attributes.
When it comes to private brands, retailers should be strategic about how they promote their product lines with in-store displays and also promote cross merchandising of key meal components.