Digital Transformation Slows Down the Global Economy
Consumer Buying to Set New Records Despite Less Spending in 2023
By Shubhendra Anand , 29 December, 2023
The consumers spending over the years has slowed down in the holiday season of 2023. Consumers buying has declined despite e-commerce sales starting for the holiday season in 2023. However, surveys indicate that despite the fall in consumers expenditure in 2023, the year will witness new records in the spending levels.
Due to many reasons consumers spending on purchases in 2023 has slowed down, such as major geopolitical conflicts, high inflation rates, supply chain disruptions, and many others. Consumers have changed their purchasing pattern citing cost effective way of living to manage their expenses. High prices in the market economy of different nation leads to changing consumer’s behavior that includes food choices as well in 2023. According to data provided by a survey, Cyber Monday is expected to be the biggest day of the holiday sales as it is supposed to drive USD 12 billion in online shopping. the online buying expenditure is higher with 6.1 percent compared to 2022. The data also shows that online sales after holiday season week anticipated to increase by 5.5 percent to USD 5.6 billion, while holiday sales following that week is supposed to increase by 5.7 percent to USD 9.6 billion in the United States for 2023. While the studies earlier have proved that 2023 witnesses less consumer spending, the holiday week (the week from thanksgiving and cyber Monday) shows new highs in the e-commerce sector. Online consumer spending grows up to USD 37.2 billion that is 16.8 percent of the total holiday week’s online sales in 2023.
The survey provides insights into the United States e-commerce by analyzing online transactions data of consumers. The study reveals that consumers spend most of their online payments in the online retail sites, that is more than one trillion in count for 2023. Although the studies have shown that consumer spending remained slow for 2023 due to high interest rates, inflation in food prices, rising oil prices, and other economic constraints, consumers buying is set to increase in the holiday week in 2023. Consumers are well prepared to manage their budgets and spend their penny efficiently in 2023.
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Shubhendra Anand
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