How ‘slow shopping’ will affect holiday spending

Americans are not holding back on holiday spending this year – but they are taking a more deliberate approach to the purchases they make, according to new research.

The study of 2,000 Americans who celebrate a winter holiday, revealed the growing trend of “slow shopping,” with nearly three in four respondents (73%) saying they have adopted this approach for the holiday shopping season.

Additionally, three in five respondents (60%) said they’re starting earlier, making more frequent, smaller trips and being mindful of what they buy this year.

Conducted by Talker Research on behalf of Affirm, (https://www.affirm.com) the survey asked why purchasing habits have changed — and respondents pointed to value and intention.

More than one in two of those embracing the “slow shopping” trend (53%) said they’re doing so to ensure they’re only purchasing items they truly want, and more than one in three (36%) said it helps them take more time to research their purchases in advance and compare different brands and styles.

At the same time, more than half (51%) said they’re using “slow shopping” to take advantage of more deals and promotions.

“Every year, we see shoppers starting their holiday shopping earlier, but this time it’s different — they’re also taking their time. Over 50% plan to finish their purchases on or after Black Friday,” said Vishal Kapoor, Affirm’s SVP of Product. “With just 27 days between Thanksgiving and Christmas this year, expect consumers to use this time to carefully weigh their options and hunt for the best value from retailers, including more flexible ways to pay offered via longer payment terms and unique credit offers.”

Americans may be pacing their holiday spending, but they are not cutting back. Nearly seven in 10 consumers (68%) plan to spend the same or more than they did last year — fully aware of higher costs.

For those planning to spend more this year, over one in three (34%) cite inflation, saying they expect to pay more for the same number of gifts.

Against this backdrop, budgeting and affordability are among respondents’ top priorities this holiday season. Results revealed that over half of Americans surveyed (55%) prioritize finding value for money — that’s the top thing they’re looking for from retailers. 

Half of respondents (50%) consider 0% APR financing options to be just as, if not more, valuable than traditional discounts.

And of the subset of respondents planning to use pay over time options this holiday season, over half (53%) of those are doing so as it can make the cost of a purchase more affordable, closely followed by the ability to help them budget (52%).