Global Holiday Hub

“High inflation, extreme weather and the triple threat of illnesses (Flu, RSV and Covid) no question hampered the way consumers celebrated the holidays in 2022. However, despite the challenging environment that loomed overhead, the celebratory vibe of this year’s holiday season was strong. Tighter spending and a bit of downshifting defined how consumers approached the shopping season. Cost-conscious consumers noted that they bought fewer presents, gave smaller or more practical gifts, cut back on holiday travel and gathered with a smaller circle of friends and family. Where needed, consumers cut corners and made strategic substitutions, but the holiday traditions that mattered most to consumers did not bend to the pressures of 2022. With this in mind, as economic hardship is expected to continue into the new year, consumers will hold firm on festive traditions and the practices that they deem priceless. 2023 will not be all doom and gloom. Resilient consumers will find a way to keep the celebratory spirit alive in 2023.”

– Genevieve Aronson, Global Head of Thought Leadership, NIQ