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, 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%).

Survey methodology:
Talker Research surveyed 2,000 Americans who celebrate a winter holiday; the survey was commissioned by Affirm and administered and conducted online by Talker Research between Sept. 30 and Oct. 2, 2024.

We are sourcing from a non-probability frame and the two main sources we use are:
● Traditional online access panels — where respondents opt-in to take part in online market research for an incentive
● Programmatic — where respondents are online and are given the option to take part in a survey to receive a virtual incentive usually related to the online activity they are engaging in

Those who did not fit the specified sample were terminated from the survey. As the survey is fielded, dynamic online sampling is used, adjusting targeting to achieve the quotas specified as part of the sampling plan.

Regardless of which sources a respondent came from, they were directed to an Online Survey, where the survey was conducted in English; a link to the questionnaire can be shared upon request. Respondents were awarded points for completing the survey. These points have a small cash-equivalent monetary value.

Cells are only reported on for analysis if they have a minimum of 80 respondents, and statistical significance is calculated at the 95% level. Data is not weighted, but quotas and other parameters are put in place to reach the desired sample.

Interviews are excluded from the final analysis if they failed quality-checking measures. This includes:
● Speeders: Respondents who complete the survey in a time that is quicker than one-third of the median length of interview are disqualified as speeders
● Open ends: All verbatim responses (full open-ended questions as well as other please specify options) are checked for inappropriate or irrelevant text
● Bots: Captcha is enabled on surveys, which allows the research team to identify and disqualify bots
● Duplicates: Survey software has “deduping” based on digital fingerprinting, which ensures nobody is allowed to take the survey more than once
It is worth noting that this survey was only available to individuals with internet access, and the results may not be generalizable to those without internet access.