How Will Women Shop This Holiday Season?

ProTip: Female buyers are the cornerstone of retail growth, and have continually been the highest share of retail shoppers. Catering and messaging to this group has long been the goal of retailers and brands, across all sectors, but it’s imperative to think about the dynamics behind the purchasing decisions of this demographic.(Click here to jump to the full RL Pro Analyst Take below.) Not surprisingly, but the economy and personal financial situations are impacting what women expect to spend this holiday season more than last year, according to new research from SheSpeaks’ annual “Holiday Shopping Women's Buying Behavior Survey” of 1,000 U.S. women. In regard to finances and the economy: 38% of women said that they are "concerned" about their personal finances. A 36% increase vs. 2021. 64% of women believe that the U.S. economy is declining. A 19% increase from 2021. Despite women's assessment of their personal finances and the economy declining, the majority said that they will spend the same this year as they did last year during the holiday season: 50% will spend the same. 41% will spend less. 10% will spend more. “Women are planning to spend this year, but perhaps not on larger-ticket items vs. last year, i.e., jewelry and electronics, etc.,” Aliza Freud, CEO of SheSpeaks told Retail Leader Pro. “They are aware of the declining economy and are worried about it and their family finances, but it has not yet dramatically impacted how they are planning to shop.” Also interesting is that women said that the No. 1 factor (65%) that will determine how much they will spend is personal/family finances. "You would expect them to say their spending will be down this year vs. last year, but it is virtually the same,” Freud said. In the SheSpeaks study, women also indicated that they are interested in promotions and that they would play a role in the amount they spend this holiday season. “It was the second-most important factor in determining how much they would spend,” Freud said. “Also given what was fourth on the list — shipping cost, i.e., free shipping — indicate that promotions like free shipping would entice consumers to buy this holiday shopping season." An indication that women’s sentiment is nearly the same this year vs. last year, women are feeling the exact same top four emotions this holiday season as last year: Overwhelmed Grateful Hopeful Uncertain Shopping Online Vs. In-Store Women also are planning to be back in store vs. buying all online. “Women are, on the one hand, much more comfortable shopping online,” Freud said. “As we saw in 2021, 20% of women said they would do all of their shopping online and another 33% expected to do 75% online with just 25% in store. But at the same time, women are heading back into stores to shop as we saw in our 2022 study. This year, 17% said they would do all of their shopping online — a drop of 15% vs. 2021 — and the in-store shopping number went up across the board. I think this indicates that while women have increased their comfort with online shopping since the pandemic began, they are interested in heading back into stores for in-person shopping experience." As far as where women expect to shop online this holiday, more than half of women said they were going to shop online about the same as they did last year on Amazon, Target, Walmart and local retailers. Amazon was the top retailer site on which women said they planned to spend more this year. Gift Inspiration Tracking how much women rely on social media/digital resources, the study found that they plan to use social platforms for gift ideas, but not to the extent that they will use Amazon and other retailer sites. SheSpeaks research also supports that women are using Amazon and other retail websites to do research on products before they buy this holiday shopping season. “They are also using social media, but to a lesser degree than retail websites and browsing in-store,” Freud said. In-store browsing holds the top spot in women’s gift-giving ideation with retailers’ websites a close second. While women trust influencers/people that they follow on social media for recommendations (33%), more are likely to look to friends/family for recommendations (51%), according to the research. RL Pro Analyst Take Female buyers are the cornerstone of retail growth, and have continually been the highest share of retail shoppers. Catering and messaging to this group has long been the goal of retailers and brands, across all sectors, but it’s imperative to think about the dynamics behind the purchasing decisions of this demographic. Concerns about the economy and personal financial well-being weighs heavily on the minds of female shoppers in 2022, and with women controlling much of the purchasing power at retail, retailers must take notice of how to pivot their messaging to consumers. Because women have always been the more dominant consumer demographic in retail, it’s easy for retailers to assume that the same tactics to market to this group can be static. However, so many factors weigh on the minds of women as they make purchasing decisions, which savvy retailers need to pay close attention to in order to cater to their needs and wants. Female shoppers have long been quick supporters of the e-commerce channel and online shopping isn’t just mission-driven, but a way to pass the time spent online. Women are more likely to do more shopping online, so even with store models focused on experiential offerings, it’s no longer the preferred channel. Optimizing the seamless shopping experience to drive impulse purchasing online is key to drive sales with this group.

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