1、1 Deep Dive October 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.We estimate that,in 2022,the personal gifting market will total$462.8 billion in 2022representing year-over-year growth of4%and that gift cards will grow 3%to a$111

2、billion category.The personal gifting market is set to reach$535 billion in 2025,we calculate,growing at a three-year CAGR of 5%.Coresight Research Analysis 1.Our survey reveals that inflation will impact 71%of US shoppers holiday gifting budgets.2.Product prices will be the most influential factor

3、in shaping shoppers purchase decisions this holiday season.3.The holiday shopping window is extending:shoppers reported plans to start earlier and finish later than they did last year.4.On average,shoppers plan to purchase eight gifts and spend$580 this holiday season.The majority of shoppers plan t

4、o spendthe same or a higher proportion of their overall gifting online this holiday season compared to last year.5.Physical gift cards top the list of preferred gifts that shoppers would like to receive this holiday season(cited by 58%ofrespondents)and took third place in the list of gifts that shop

5、pers expect to purchase(54%).6.Retailers must not undermine the importance of offering a unified omnichannel experience to digitally adept shoppers.Online search is the most popular channel for both gift searching and purchasing among surveyed shoppers.7.The top challenges for shoppers in online gif

6、t shopping after untimely delivery are an inability to touch and feel a product,anddifferences in expectations(online images)versus reality(actual products).These challenges comprise the“gift-giver dilemma,”a pressing issue in online gifting that retailers must address to capitalize on the growing d

7、igital gifting economy.8.Around four in five shoppers believe that innovative gifting services that enable the recipient in some way can at least“slightlyimprove”the overall digital gifting experience.Bridging the gap between the gift recipient and the gift giver can improve the overall digital gift

8、-giving experience,at least to some extent.What We Think With the gift shopping window continuing to expand,retailers have a bigger opportunity to attract more shoppers,using promotions and other strategies to meet the needs of value-oriented consumers that are likely to compare prices across retail

9、ers.We expect innovation in online gifting to substantially alleviate existing challenges for gift shoppers and drive incremental revenue opportunities for retailers.Deborah Weinswig CEO and Founder Coresight Research Deep Dive US Holiday Gifting 2022:Decoding Shopper Plans Amid Increasing Uncertain

10、tyExecutive SummaryIn this report,we discuss what shopping for gifts might look like in the 2022 holiday season.Leveraging a Coresight Research survey of US gift shoppers,we present key trends and consider how retailers can meet the expectations of value-oriented and budget-conscious shoppers while

11、capitalizing on the still-growing gifting economy.This Custom Report is sponsored by GiftNow,an integrated digital gifting solution.Market Scale and Opportunity 2 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.CONTE

12、NTS Executive Summary.1 Introduction.3 Market Scale and Opportunity.3 US Holiday Gifting 2022:Coresight Research x GiftNow Analysis.4 1.Inflation To Impact Holiday Gifting Budget for Most Americans.4 2.Pricing Will Be the Biggest Influence on Gift Purchasing.5 3.Long Shopping Window Extends Further

13、This Holiday Season.7 4.Inflation Will Not Take Away from Shopper Enthusiasm During the Holidays.9 5.Gift Cards Top the List of Preferred Gifts Shoppers Would Like To Receive.10 6.Online Channel To Remain Strong for Gift Shopping.12 7.Online Shopping Is ChallengingEven More So for Gifts.15 8.Digital

14、 Gifting Innovations Can Alleviate Challenges.16 Holiday Gifting in 2022 and Beyond:Key Recommendations.16 Methodology.17 3 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Introduction Uncertainty looms around when,w

15、here and how shoppers will make purchases in the 2022 holiday season.Among the contributing factors is high inflation in the US:inflation was recorded at 8.2%for September(latest),slightly cooling from 8.3%in August and a four-decade high of 9.1%in June.This,coupled with persistent macroeconomic unc

16、ertainty,is impacting shoppers holiday budgets,which is leading to more value-oriented and budget-conscious consumers.On the supply side,retailers such as Best Buy,Target and Ulta Beauty have reported in their recent earnings calls that they are seeing the value-oriented nature of shoppers,and retai

17、lers including Macys and Nordstrom have cited offering steeper-than-usual discounts accordingly.The current retail landscape raises multiple questions around how shoppers will make gift purchases this holiday seasonwhich shopping channels they will use,when will they start making purchases,the relev

18、ance of Black Friday/Cyber Monday,and which gift categories they would like to purchase/receive,among others.In this report,we draw on proprietary US consumer survey findings to highlight the key trends we expect to see this holiday shopping season and discuss how retailers can manage the value-driv

19、en shopper while capitalizing on the still-growing US gifting economy.We present three key recommendations for retailers to strategize for the gifting opportunity.We also leverage findings from a similar survey we ran last year to compare trends.This Custom Report is sponsored by GiftNow,an integrat

20、ed digital gifting solution.Market Scale and Opportunity The US gifting market is both large and growing.We estimate that the personal gifting market will total$462.8 billion in2022,representing year-over-year growth of 4%.We estimate that gift cards will be a$111 billion category in 2022,representi

21、ng year-over-year growth of 3%.The personal gifting market is set to reach$535 billion in 2025,wecalculate,growing at a three-year CAGR of 5%.Figure 1.US Personal Gifting Market Size(USD Bil.)Source:Coresight Research$445.0$462.8$535.0 20212022E2025EThe personal gifting market presents an incrementa

22、l opportunity of$72 billion in the three years leading to 2025 Inflation was recorded at 8.2%for September,slightly cooling from 8.3%in August and a four-decade high of 9.1%in June.We estimate that the personal gifting market will total$462.8 billion in 2022,representing year-over-year growth of 4%.

23、N 4 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.US Holiday Gifting 2022:Coresight Research x GiftNow Analysis We believe that this holiday season will test most retailers pricing/promotion management and inventor

24、y management strategies as they work to provide the best value and shopping experience to customers.Our survey data reveal that pricing and promotions will play a hugely influential role in shoppers purchase decisions this holiday season,which partly explains the elongated shopping windowshoppers pl

25、anned to capitalize on deals starting as early as September.Gift cardsa category unaffected by price rises(not necessarily for the recipient)top the list of gifts that shoppers would like to receive as gifts and emerged among the top three categories that shoppers expect to purchase.While shoppers a

26、re returning to physical stores,retailers must not undermine the importance of the online channel for shoppers to search for and purchase gifts.The online shopping experience can be challenging,even more so when shopping for othersour survey data indicate that there is a“gift-giver dilemma”associate

27、d with online shopping for gifts,but innovative solutions aiding gift shoppers while enabling the recipients can substantially elevate the gift purchasing experience.We summarize key findings from our survey in Figure 2 and explore each in detail in the following sections.Figure 2.US Holiday Gifting

28、 2022:Summary of Key Findings Source:Coresight Research 1.Inflation To Impact Holiday Gifting Budget for Most AmericansOur survey reveals that inflation will impact the holiday gifting budgets of seven in 10(71%)US shoppers,but not all shoppers will be equally impacted:Lower-income households are im

29、pacted to a higher degree.Around three-quarters of respondents with an annual household income of less than$25,000(76%)and between$25,000 and$50,000(77%)reported thatinflation will negatively impact their gifting budget.1.Inflation will impactgift shopping formost Americans2.Pricing will be thebigge

30、st influence ongift purchasing 3.There will be a longholiday shoppingwindow in 20224.Despite inflationaryconcerns,shoppersare upbeat aboutgifting 5.Gift cards top the listof preferred gifts forshoppers to receive6.The online channelwill remain strong forgift shopping 7.Timely delivery isthe topmost

31、concernwhen purchasing gifts online 8.Innovations indigital gifting canalleviate challenges in shopping online Our survey data reveal that pricing and promotions will play a hugely influential role in shoppers purchase decisions this holiday season.Inflation will impact the holiday gifting budgets o

32、f seven in 10 US shoppers.5 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.The negative impact of inflationary pressure on holiday gifting budgets isdirectly proportional to the number of people in any given househo

33、ld.Single-member households are the least impacted66%of this subsetreport that their gifting budgets are impacted by inflation,five percentagepoints(PPTs)lower than the overall average.In a follow-up question,we asked respondents who cited inflation as negatively impacting their holiday gifting budg

34、et to rank top three safeguarding measures which they would take to deal with rising prices and found:Around half(48%)of all shoppers reported that they would start shoppingearly.More than four in 10(42%)shoppers plan to purchase cheaper alternativesand 19%shoppers cited it as the top-ranked measure

35、,pushing it a rankhigher(based on weighted averages)than shopping from retailers offeringsteepest discounts as a measure against inflation cited by 48%shoppersoverall.These measures reveal that value consciousness underlines gift shopping this holiday season.Figure 3.Whether Inflation Will Impact Sh

36、oppers Holiday Budgets(Left;%of Respondents);Measures That Shoppers Expect To Take To Deal with Rising Prices(Right;%of Respondents)The ordering of responses in the stacked bar chart is based on the weighted averages of ranks,where“Rank 1”carries the highest weight Base:812 US holiday shoppers aged

37、18+who expect to shop for gifts online and in-store for holiday 2022(left),577 of whom cited inflation as negatively impacting their budgets(right),surveyed in August 2022 Source:Coresight Research 2.Pricing Will Be the Biggest Influence on Gift PurchasingWhen it comes to the influence of selected c

38、riteria on gift purchasing,our survey findings highlight the value-oriented nature of shoppers as they look for the best deals:Product prices will be the most influential factor in shaping shopperspurchase decisions this holiday seasonmore than four in five(82%)71%29%YesNo4%6%6%13%19%14%6%11%11%18%1

39、5%19%9%13%14%17%8%15%Shop from lesser known(cheaper)brands/retailersPurchase gift cardsIncrease savings leading upto holidaysShop from retailers offeringsteepest discountsPurchase cheaperalternativesShop early to capitalize onpromotions/discountsRank 1Rank 2Rank 3More than four in five shoppers cite

40、d product pricing to be either“very”or“extremely”influential in their gift purchase decisions.6 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.shoppers reported that product pricing will be either“very”or“extremely”

41、influential in their gift purchase decisions.Some 77%of respondents cited deals and discounts as being“very”or“extremely”influential on their purchase decisions for holiday gifts,rankingsecond among the selected criteria.Figure 4.Influence of Selected Criteria on Shoppers Gift Purchase Decisions(%of

42、 Respondents Who Cited Criteria as“Very Influential”or“Extremely Influential”)The ordering of responses is based on the weighted averages of degree of influence,where“extremely influential”carries higher weight Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for

43、 holiday 2022,surveyed in August 2022 Source:Coresight Research It is interesting to note that innovative gifting options such as personalization options(engraving,embossing,etc.),personalized greetings(e.g.,adding a video message when gifting digitally)and the ability to deliver a gift digitally ra

44、nk the lowest in influencing shoppers gift purchasing decisions.We believe that these results are partly impacted by shoppers experiences last year,looking at shoppers levels of satisfaction across the same criteria in 2021:We found that 35%of shoppers were either“dissatisfied”or“verydissatisfied”wi

45、th sending personalized greetings when gifting digitallyandthe 16%for“very dissatisfied”was the highest proportion across all criteria.Just under three in 10(28%)shoppers were“dissatisfied”or“verydissatisfied”with delivering a gift digitally during last years holiday season.We believe that innovatio

46、n is an untapped opportunity for retailers in the gifting market,which has not innovated at the same pace as other retail commerce initiatives such as BOPIS(buy online,pick up in-store),contactless checkout and BNPL(buy now,pay later).Innovating across gifting solutions can help retailers 20%22%19%2

47、3%27%34%30%38%36%35%39%32%39%36%30%11%10%12%13%12%15%18%21%28%30%29%38%39%41%52%Personalized greetings when gifting digitallyPersonalization optionsAbility to deliver the gift digitallyRetailers sustainability initiativesAvailability of in-store pickup services(BOPIS)Popularity of the brand/retailer

48、Relevant product recommendationsFamiliarity with the brand/retailerShipping cut-off datesFlexible returns policyOption to track gift shipment and receiptFree returnsShipping costsDeals and discountsProduct priceVery InfluentialExtremely InfluentialWe believe lack of innovation is a huge untapped opp

49、ortunity for retailers in the gifting economy which has not innovated at the same pace as the retail sector in the US.The most influential factors on shoppers purchase decisions are largely centered around value consciousness 7 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Rese

50、arch| Copyright 2022 Coresight Research.All rights reserved.attract newer customers and benefit from gift recipients datareinforcing their first-party datawho might not be a customer otherwise.Figure 5.Shoppers Level of Dissatisfaction in Selected Areas from Purchasing Gifts Last Year(%of Respondent

51、s Who Cited“Dissatisfied”or“Very Dissatisfied”)The ordering of responses is based on the weighted averages of level of dissatisfaction,where“very dissatisfied”carries higher weight Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in Augu

52、st 2022 Source:Coresight Research 3.Long Shopping Window Extends Further This Holiday SeasonHoliday shopping has been pulled forward in the past couple of years as retailers looked to drive early sales in a pandemic-impacted environment and consumers shopped early to avoid the widespread delays caus

53、ed by supply chain disruption.This year,the holiday shopping window is extending even further in both directions:Starting shopping early.More than half(54%)of surveyed shoppersreported plans to begin holiday shopping in October at the latesteightPPTs higher than the proportion that began shopping in

54、 October last year,according to our 2021 survey.3%3%6%6%7%7%7%8%10%10%15%15%17%16%19%4%5%4%4%3%3%4%4%5%6%7%8%10%12%16%Product priceDeals and discountsShipping costsOption to track gift shipment and receiptFlexible returns policy(e.g.,in-store returns for onlineorders)Free returnsFamiliarity with the

55、 brand/retailerShipping cut-off datesRelevant product recommendationsPopularity of the brand/retailerAvailability of in-store pickup services(BOPIS)Retailers sustainability initiativesPersonalization options(e.g.,embossing,engraving)Ability to deliver the gift digitallyPersonalized greetings when gi

56、fting digitallyDissatisfiedVery DissatisfiedMore than half of surveyed shoppers reported plans to begin holiday shopping in October at the latesteight PPTs higher than the proportion that began shopping in October last year.Gift shoppers level of dissatisfaction peaks across innovative gifting solut

57、ions 8 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Figure 6.When Shoppers Expect To Start Holiday Shopping in 2022 vs.When They Started Holiday Shopping in 2021(%of Respondents)The 2021 figures do not sum to 100%

58、because we have not included the proportion of respondents who cited“dont know/cant say”Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 2022;298 holiday shoppers surveyed in October 2021 Source:Coresight Research Finishing sho

59、pping later.Around one-third(32%)of shoppers expect tocontinue their holiday gift shopping until the very end of the season,in mid-to the end of December16 PPTs higher than the proportion that finishedshopping for the holidays in December last year.Figure 7.When Shoppers Expect To Stop Holiday Shopp

60、ing in 2022 vs.When They Stopped Holiday Shopping in 2021(%of Respondents)The 2021 figures do not sum to 100%because we have not included the proportion of respondents who cited“dont know/cant say”Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,

61、surveyed in August 2022;298 holiday shoppers surveyed in October 2021.Source:Coresight Research Inflationary pressure has impacted core categories such as food and gas.The food-at-home consumer price index was 13.5%higher in August 2022 than in August 2021,marking the largest 12-month increase since

62、 March 1979.A long shopping window enables value-oriented consumers that have felt the impacts of inflation to spread out their spending,but managing promotions,pricing and inventory through an extended season can be highly challenging for retailers.46%31%11%4%0%24%30%25%13%6%1%September orsoonerOct

63、oberNovemberSpecificallyon/around BlackFridayEarly DecemberMid-to-end ofDecember20212022Only 13%gift shoppers will start their holiday gift shopping on/around Black Friday this year;four in five shoppers will have already started shopping by then10%12%13%43%16%9%11%15%10%22%32%September orsoonerOcto

64、berNovemberSpecificallyon/around BlackFridayEarly DecemberMid-to end ofDecember20212022Half of all gift shoppers expect to continue shopping for gifts as late as December in 20229 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All righ

65、ts reserved.In addition,the extended shopping window can be attributed to shoppers wanting to secure their gift purchases early in the holiday season due to their experiences amid strained supply chains in 2021,which led to product shortages.The supply side is adapting to the longer holiday season.F

66、or example,Walmart extended its holiday returns window by a month versus last year,allowing customers until January 31,2023,to return purchases made on or after October 1,2022.Target held its first“Deal Days”sales event for the holiday season on October 68,2022four days earlier than in 2021.4.Inflat

67、ion Will Not Take Away from Shopper Enthusiasm During the HolidaysOur survey data reveal that despite inflationary pressure,shopper expectations around gift purchases are largely positive.We have seen only a marginal decrease in the average number of gifts,while the average expected spend has increa

68、sed year-over-year.Just under half(47%)of all respondents expect to purchase at least ninegifts this holiday season.Some 45%of respondents expect to cap their holiday shopping budgets to$500,versus 48%in last years survey,indicating somewhat greaterwillingness to spend on gifts this year.On average,

69、shoppers will purchase eight gifts this holiday seasondown11%year over year,from nine gifts in 2021.However,spendingexpectations are high,at$580 on average,representing a 7%year-over-year increase.This implies that shoppers are going to spend a little more onaverage on a per-gift basis:$65 this year

70、 versus$60 in 2021.Figure 8.Number of Gifts That Shoppers Expect To Purchase(Left)and Total Amount They Expect To Spend on Gifts(Right;USD)During Holiday 2022(%of Respondents)Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 202

71、2;298 holiday shoppers surveyed in October 2021.Source:Coresight Research We attribute some of this enthusiasm to an availability of deals in the market despite the inflationary pressure.Many brands and retailers grappling with 3%20%29%18%29%Less than 3356891112 or more16%29%25%13%17%Average expecte

72、d spend:$580($540 in 2021)Average gift purchases:8(9 in 2021)A long shopping window enables value-oriented consumers that have felt the impacts of inflation to spread out their spending.The supply side is adapting to the longer holiday season through extended returns windows and earlier promotional

73、events.10 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.excess inventory,as highlighted on recent earnings calls.For example,sportswear brand NIKEs CFO,Matthew Friends,reported that inventory was up 65%for the fisc

74、al quarter ending August 2022,versus the same period last year.5.Gift Cards Top the List of Preferred Gifts Shoppers Would Like To ReceiveOur survey data reveal that physical gift cards top the list of preferred gifts that shoppers would like to receive this holiday season,cited by 58%of respondents

75、up three PPTs versus our 2021 survey.Physical gift cards also took third place in the list of gifts that shoppers expect to purchase this holiday season,cited by 57%of respondentsbehind only apparel,footwear and accessories(64%)and toys or games(59%),and up eight PPTs versus last year(see Figure 9).

76、This follows a strong 2021 for gift cards:sales increased 114%year over year(for both digital and physical gift cards)from November through mid-December,according to payments company Square.Elsewhere,experiences saw a 10-PPT increase in the proportion of shoppers reporting that they would prefer to

77、receive this category as a gift versus 2021.Additionally,in a separate question,we found that half(48%)of respondents plan to increase their spending on experiences versus last year.Experiences therefore represent a strong opportunity this holiday season.The apparel,footwear and accessories category

78、 will continue to be dominant in the gifting market this holiday season,topping the list of categories that gift purchasers plan to purchase(cited by nearly two-thirds of shoppers)and ranking second in the categories that shoppers would like to receive(cited by 45%of shoppers).Physical gift cards to

79、p the list of preferred gifts that shoppers would like to receive this holiday season,and took third place in the list of gifts that shoppers expect to purchase.11 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Figu

80、re 9.Gifts Shoppers Would Like To Receive and Gifts They Expect To Purchase This Holiday Season(%of Respondents)Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight Research Some respondents believe that gift

81、cards are an impersonal gift category.We asked this subset about the key factors they think can make gift cards a more personal gifting category,and customization came out on top:Around two-thirds(64%)cited the ability to customize the appearance of agift card as among the top three factors that can

82、 make gift cards a morepersonal gifting category39%cited it as the topmost factor,by far thelargest proportion.The ability to customize the packaging of gift cards emerged second,with43%of respondents citing this factor as one of their top three.13%23%24%27%28%30%38%41%43%57%59%64%Flowers or plantsB

83、everages(alcoholic/non-alcoholic)Experience(e.g.,tickets to amovie or a sporting event)Food itemsDigital gift cardsJewelry or watchesHome goods,kitchenfurnishingsBeauty and personal careproductsElectronicsPhysical gift cardsToys or gamesApparel,footwear andaccessoriesExpect to purchase11%15%18%20%25

84、%25%25%27%31%33%45%58%Toys or gamesFlowers or plantsBeverages(alcoholic/non-alcoholic)Food itemsJewelry or watchesHome goods,kitchenfurnishingsBeauty and personal careproductsElectronicsDigital gift cardsExperience(e.g.,tickets to amovie or a sporting event)Apparel,footwear andaccessoriesPhysical gi

85、ft cardsPrefer to receiveGift cards,apparel and experiences present opportunity in the gifting market this holiday season Customization-of both gift cards and their packaging-is key in making the category more personalized for the recipient and therefore more appealing to gift shoppers.12 Deep DiveO

86、ctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Figure 10.Shoppers Who Believe That Gift Cards Are Impersonal:Key Factors That Can Make Gift Cards a More Personal Gifting Category(%of Respondents)The ordering of responses in t

87、he chart is based on the weighted averages of ranks,where“Rank 1”carries the highest weight Base:195 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022 and believe that gift cards are an impersonal gifting category,surveyed in August 2022 Source:Coresight R

88、esearch Personalizing aspects of the gifting experience can substantially enhance gift cards appeal to gift shoppers.Additionally,gift cards can introduce newer shoppers to retailers websites or stores.6.Online Channel To Remain Strong for Gift ShoppingThe receding of the pandemic and a return to no

89、rmalcy has led to shoppers returning to physical stores.However,while physical retail is an important channel,retailers must not undermine the importance of offering a unified omnichannel experience to digitally adept shoppers.Our survey data reveal the following:Over four in five(82%)shoppers are“l

90、ikely”or“highly likely”to use onlinesearch(search engines)to seek inspiration and search for holiday gifts,versus 83%in last years survey,and three-quarters of shoppers(74%)citedthe same level of likelihood for making purchases using online search(search engines directing to products),versus 76%last

91、 year,making it themost popular choice among all channels for both gift searching andpurchasing.Brand/retailer websites are the second-most-popular channel amongholiday shoppers seeking inspiration and making gift purchases,with 72%and 71%of respondents,respectively,reporting that they are at least“

92、likely”to use this channel for those purposes.Compared to malls and open-air shopping centers,the survey data suggestthat online is a much-preferred destination for searching and purchasinggifts.(Our analysis excludes standalone retail stores that may otherwise bea preferred destination for shoppers

93、 when shopping offline for gifts.)7%2%5%11%7%24%39%9%13%17%15%17%11%11%13%15%9%10%19%8%14%Ability for recipient to acknowledge the receiptAbility for recipient to select size/fit/color(e.g.,in case aproduct is gifted)Sending a product instead of pre-loaded monetaryvalueAbility to record voice/video

94、messages for digital giftcardsAbility for recipient to select from a few choicesCustomized packagingAbility to customize the appearance of a gift cardRank 1Rank 2Rank 3Customization of both gift cards and their packaging-is key in making the category more personalized for the recipient and therefore

95、 more appealing to gift shoppersRetailers must not undermine the importance of offering a unified omnichannel experience to gift shoppers.13 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Figure 11.Holiday Shoppers

96、Likelihood To Use Selected Channels To Seek Inspiration and Search for Gifts(%of Respondents)The ordering of responses in the chart is based on descending order of the total proportions of respondents who cited“likely”and“highly likely”Base:812 US holiday shoppers aged 18+who expect to shop for gift

97、s online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight Research Figure 12.Holiday Shoppers Likelihood To Use Selected Channels To Purchase Gifts(%of Respondents)The ordering of responses in the chart is based on descending order of the total proportion of respondents who cit

98、ed“likely”and“highly likely”Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight Research 25%23%8%6%4%3%2%31%29%18%14%14%5%3%18%18%29%27%25%20%13%13%15%29%30%28%31%25%13%14%17%22%28%41%57%Lifestyle Websites or

99、MagazinesSocial MediaOpen-Air Shopping CentersMalls/Enclosed ShoppingCentersOnline MarketplacesBrand/Retailer WebsitesOnline SearchHighly UnlikelyUnlikelySomewhat LikelyLikelyHighly LikelyDecreasing likelihood30%29%9%8%7%2%3%29%28%14%13%18%6%4%15%15%27%25%23%20%19%13%15%30%33%27%37%30%13%13%19%21%25

100、%34%44%Lifestyle Websites orMagazinesSocial MediaOpen-Air Shopping CentersMalls/Enclosed ShoppingCentersOnline MarketplacesBrand/Retailer WebsitesOnline SearchHighly UnlikelyUnlikelySomewhat LikelyLikelyHighly LikelyIncreasing likelihoodDecreasing likelihoodIncreasing likelihood 14 Deep DiveOctober

101、17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Online marketplaces have dropped in popularity by two positions versus last year.In our 2021 survey,marketplaces emerged as the most likely platform for search and purchase:60%of gift s

102、hoppers reported that they were“highly likely”to search for gifts via online marketplaces in 2021(versus 28%this year),and 55%reported that they were“highly likely”to make purchases using online marketplaces(versus 25%this year).The pandemic altered many shopping habits among consumers,including the

103、 adoption of e-commerce.This holiday season,shoppers may return to shop from brands and retailers that they discovered while shopping online amid the pandemic,lessening the need to find and buy from brands through marketplaces.In terms of online versus in-store spending for gift shopping,we found th

104、at:An overwhelming majority of shoppers plan to spend the same or a higherproportion of their overall budget purchasing gifts online this holidayseason compared to last year.Almost nine in 10 shoppers plan to spend the same or a higher proportionof their overall budget on digital gift cards and expe

105、riences online.Experiences are an opportunity for retailers as they can potentially partnerwith companies providing experiences or find newer ways to integrateexperiences into their loyalty programs.Figure 13.How Shoppers Expect To Split Their Overall Gifting Budget Between Online and In-Store This

106、Holiday Season vs.in 2021(%of Respondents)The ordering of responses in the chart is based on descending order of the total proportions of respondents who cited“unchanged”or“online will account for a higher proportion of total spending”Base:812 US holiday shoppers aged 18+who expect to shop for gifts

107、 online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight Research 29%27%23%23%22%21%19%18%18%17%14%13%52%50%57%54%41%51%65%48%53%56%48%52%19%24%20%23%38%27%16%34%29%27%39%35%Flowers or plantsBeauty and personal care productsFood itemsPhysical gift cardsApparel,footwear and acce

108、ssoriesJewelry or watchesBeverages(alcoholic/non-alcoholic)Toys or gamesElectronicsHome goods,kitchen furnishingsExperience(e.g.,tickets to a movie or asporting event)Digital gift cardsOnline will account for a lower proportion of total spendingUnchangedOnline will account for a higher proportion of

109、 total spendingOnline marketplaces have dropped in popularity by two positions versus last year.In 2021,they emerged as the most likely platform for search and purchase.Focusing on partnerships with companies offering experiences can help retailers strengthen their online gifting offering 15 Deep Di

110、veOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.7.Online Shopping Is ChallengingEven More So for GiftsShopping for gifts online can be highly challenging.Our survey data reveal the following:Product arriving later than expe

111、cted is the topmost challenge associatedwith shopping for gifts online,with over half(53%)of shoppers ranking itamong top three challenges.Shoppers find the inability to touch and feel the product before making apurchase highly challenging41%of shoppers cited it among the top threechallenges.Shoppin

112、g online can be challenging,even more so for specific products such as fragrances and electronicsthese challenges are usually exacerbated when shopping for someone else.Our survey data indicate that top challenges after untimely delivery are an inability to touch and feel a product,and differences i

113、n expectations(online images)versus reality(actual products).These challenges collectively imply what we define as the“gift-giver dilemma,”a pressing issue in online gifting that retailers must address to capitalize on the growing digital gifting economy.Figure 14.Key Challenges in Shopping for Holi

114、day Gifts Online(%of Respondents)The ordering of responses in the chart is based on the weighted averages of ranks,where“Rank 1”carries the highest weight Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight R

115、esearch 2%3%4%5%4%6%8%13%13%18%24%3%4%5%5%7%5%8%12%15%13%17%3%4%4%7%8%6%9%13%14%10%12%Not knowing the recipients delivery addressMissing the gifting occasion in case of returnInability to customize packaging/presentationLimited control of recipients experience at the time ofdeliveryLimited time to s

116、earch for a new gift in case of returnLong wait to receive a refundNot knowing the recipients size or color preferencesAnxiety about whether the recipient will like their giftDifferences in product compared to onlineimages/descriptionInability to determine products touch and feelProduct arriving lat

117、er than expectedRank 1Rank 2Rank 3Shopping for gifts online can add substantially to gift-givers anxiety,especially around timely delivery and the product itselfUntimely delivery,an inability to touch and feel a product,and differences in expectations(online images)versus reality(actual products)are

118、 key challenges in online gift shopping.16 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.8.Digital Gifting Innovations Can Alleviate ChallengesOur survey data reveal that shoppers are optimistic about the impact of

119、 innovation in improving the overall digital gifting experience.Around four in five shoppers believe that innovative gifting services that enable the recipient in some way can at least“slightly improve”the overall digital gifting experience.Bridging the gap between the gift recipient and the gift gi

120、ver can improve the overall digital gift-giving experience,at least to some extent.Figure 15.Innovative Digital Gifting Services That Holiday Shoppers Believe Can Improve the Overall Digital Gifting Experience(%of Respondents)The ordering of responses is based on descending order of the total propor

121、tions of respondents citing at least“slight improvement”Base:812 US holiday shoppers aged 18+who expect to shop for gifts online and in-store for holiday 2022,surveyed in August 2022 Source:Coresight Research Some retailers are already reaping the benefits of personalization and innovation in digita

122、l gifting.For example,US-based bookseller ThriftBooks partnered with GiftNow to launch a gift card program that has boosted sales.Barbara Hagen,Vice President of Sales and Marketing at ThriftBooks,said:ThriftBooks added a gift card program that helped us make the most of holidays and allidayssuch as

123、 national reading dayas consumers could text or send e-gift cards with a video message or photo to make for a fun and engaging unboxing experience for the recipient.Adding this personal touch to our already successful gift card offering helped us increase our gift card sales by triple digits versus

124、a year ago.As digital gifting continues to grow,we expect an increasing need for innovative gifting services that put the recipient at the center.Holiday Gifting in 2022 and Beyond:Key Recommendations In the context of the pandemic,the global economy is out of the woods.However,the recent macroecono

125、mic turmoil has thrown newer challenges at 22%19%16%16%16%16%15%14%14%22%23%24%21%21%21%22%22%20%33%38%35%36%40%36%39%41%40%22%20%24%27%23%27%25%23%27%Customized digital unboxing experienceDigital delivery of the gift with physical deliverylaterCustomized packagingSending digitally to multiple recip

126、ients at the sametimePersonalized gifting notification(e.g.,personalizedvideo via email or text)Ability for the recipient to choose between a fewproductsAbility for the recipient to customize gift before it isshippedAbility for the recipient to input their deliverypreferenceAbility for the recipient

127、 to acknowledge receipt ofthe giftNo ImprovementSlight ImprovementSome ImprovementSubstantial ImprovementBridging the gap between the gift recipient and the gift giver can improve the overall digital gift-giving experience,at least to some extent.Shoppers believe that enabling recipients can at leas

128、t slightly improve the digital gifting experience 17 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.retailers and consumers alike.This holiday season is surrounded by uncertainty.Interestingly,this uncertainty has p

129、aved the way for clear trends in consumer behavior and retailer strategies:shoppers will continue to be value-conscious this holiday season as they look to save money,and retailers grappling with excess inventory are mostly resorting to markdowns to clear their shelves for newer products.While some

130、parts of this interesting supply-demand equation are yet to be unveiled,our data shed light on some of the trends that we expect this holiday season.Based on our analysis of survey findings,we offer three key recommendations for retailers:Methodology This study is based on the analysis of data from

131、an online survey of 812 US consumers(aged 18+)who typically purchase gifts for the holiday season and who plan to do so this year.We surveyed only omnichannel shoppersrespondents who plan to purchase holiday gifts both in-store and online.Coresight Research conducted the survey on August 2331,2022.G

132、iftNow shares this information solely for your convenience.All statements are the sole opinions of Coresight Research.Synchrony and its affiliates,including GiftNow,makes no representations or warranties regarding the content.About Coresight Research Custom Reports Coresight Research Custom Reports

133、are produced as part of commercial partnerships with leading firms in the retail,technology and startup ecosystems.These Custom Reports present expert analysis and proprietary data on key topics in the retail,technology and related industries,and enable partner companies to communicate their brand a

134、nd messaging to a wider audience within the context of brand-relevant research.18 Deep DiveOctober 17,2022 Deborah Weinswig,CEO and Founder,Coresight Research| Copyright 2022 Coresight Research.All rights reserved.Steven Winnick Senior Analyst Steven Winnick Senior Analyst New York Hong Kong Lagos London Mangaluru(India)Shanghai C Deborah Weinswig,CPA CEO and Founder Coresight Research Manik Bhatia Senior Analyst Steven Winnick Senior Analyst