Holiday shopping research: Spending in 2026

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-01T06:20:12.529Z • Permanent link

McKinsey's holiday shopping research, published in December 2022, painted a picture of a significant shift in consumer behavior. The study, led by experts from the Global Institute, analyzed data from major retailers worldwide to understand the trends and drivers behind holiday spending. The findings were stark: consumers were becoming increasingly price-sensitive, with 63% of respondents stating they would prioritize savings over gifts during the holiday season. This sentiment was particularly pronounced among younger generations, with 71% of Gen Z consumers and 64% of Millennials expressing similar sentiments.

Retailers were also facing significant challenges, with many struggling to adapt to changing consumer preferences. According to data from the National Retail Federation, holiday sales in the United States declined by 4.3% in 2022 compared to the previous year. This decline was attributed to various factors, including the ongoing pandemic, supply chain disruptions, and the rise of e-commerce. The impact was not limited to the United States, with many countries experiencing similar declines in holiday sales.

The research also highlighted the growing importance of experiential gifts, with 44% of respondents stating they would prioritize experiences over physical gifts. This shift was driven in part by the increasing popularity of subscription services, such as streaming platforms and online gaming. Companies like Netflix and Roblox were among the beneficiaries of this trend, with both experiencing significant growth in subscriber numbers during the holiday season.

The implications of McKinsey's research are far-reaching, with significant consequences for companies, research communities, and markets. For retailers, the study serves as a wake-up call to adapt to changing consumer preferences. Companies like Walmart and Target have already begun to shift their strategies, with a focus on experiential gifts and price transparency. The research also highlights the importance of data-driven decision-making, with retailers needing to better understand their customers' preferences and behaviors.

The research community is also taking notice, with many experts hailing the study as a landmark piece of work. The study's findings have significant implications for the development of new products and services, with companies like Amazon and Google already investing heavily in experiential gift platforms. The research also highlights the need for greater transparency and accountability in the retail industry, with consumers increasingly demanding greater control over their personal data.

McKinsey's research is part of a larger pattern of shifting consumer behavior, driven in part by the rise of e-commerce and the increasing popularity of experiential gifts. The study's findings are reminiscent of earlier research, which highlighted the growing importance of experiential gifts during the holiday season. However, the current trend is distinct, driven in part by the growing influence of social media and the increasing popularity of subscription services.