A study by creator retailing platform LTK reveals 38% of consumers plan to start holiday shopping in September, a 25% increase from last year.
Shoppers who look to creators for inspiration also plan to shop earlier this year, LTK noted, with 45% intending to start in September.
Although consumers still have economic concerns, LTK observed, shoppers don’t seem to be slowing their spending abruptly, with the majority planning to spend more or the same this year on holiday gifts for others, home decor and self-gifting compared to the year earlier.
Still, for this year’s holiday season, 42% of consumers plan to save money by tapping Black Friday and Cyber Monday sales, up 35% from the year before, according to the LTK study.
In 2023, entertainment-focused gifts such as music, books and games are the top picks among the general population, Gen Z and Millennials, LTK reported. Fashion items are preferred gifts to give among the general population and Millennials. However, Gen Zers lean towards gifting beauty products. In reference to its retail segment, LTK pointed 78% of Gen Z women rank creators as their top source for beauty recommendations. Overall, when it comes to self-gifting, beauty products were tops across age groups.
The LTK study revealed consumers who regularly shop from creators plan to spend more across all categories. As such, 86% of shoppers who turn to LTK creators plan to spend more or the same on gifts year over year, almost 10% more than the general population. In 2022, the company saw a 10% increase in sales per LTK app shopper, the company reported, and results from the first half of 2023 suggest a similar trajectory for this year’s holiday season.
Although consumers in general are more value-conscious these days, LTK shoppers don’t make price their particular priority, the company asserted. The study found LTK shoppers rank quality as the top factor when holiday shopping, with brand, availability and convenience all ranking above price. Still, 62% of LTK shoppers plan to take advantage of Black Friday and Cyber Monday sales.
The study indicated creators are now the most trusted source of holiday shopping inspiration for Gen Z and Millennials, surpassing social media ads and celebrities. LTK this year experienced a 32% increase in Millennial shoppers choosing creators as their go-to source for the holidays, the company indicated, adding its creator sellers drove more than $4 billion in annual retail sales. As of now, 73% of Gen Zers, 69% of Millennials and 57% of the general population have made purchases from creators, LTK reported.
Creators influence a variety of holiday behaviors for those consumers who favor shopping from them, whether gift purchasing, holiday cooking and expressing family traditions. LTK found nine in 10 shoppers who rely on LTK creators for holiday inspiration have purchased a gift based on their recommendations.
