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Coveo Holiday Report: Nearly 60% of Consumers Plan to Cut Everyday Purchases to Expand 2024 Gifting Budgets with Gen AI-Guided Shopping Experiences as the Innovation to Watch
Coveo Holiday Report: Nearly 60% of Consumers Plan to Cut Everyday Purchases to Expand 2024 Gifti...
About this update from Coveo Solutions, Inc.
[{"type":"text","content":"\n\n\n\n Coveo Holiday Report: Nearly 60% of Consumers Plan to Cut Everyday Purchases to Expand 2024 Gifting Budgets with Gen AI-Guided Shopping Experiences as the Innovation to Watch\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n 90% of shoppers surveyed said they can be enticed to add items to an existing order when shopping online\n \n\n\n\n\n LONDON\n \n and\n \n NEW YORK\n \n\n ,\n \n\n Sept. 12, 2024\n \n\n /CNW/ -\n \n\n Coveo\n \n\n (TSX: CVO), the leading enterprise AI platform that brings AI Search and generative AI to every point–of-experience, today announced a new research report titled, \"\n \n\n Gift or Grinch? Unwrapping This Season's Shopper Spending Plans\n \n\n .\" The report, based on a survey of 4,000 U.S. and U.K adult consumers, examines consumer sentiment towards the upcoming holiday shopping season, from Black Friday and Cyber Week through the December holidays. The survey, conducted in\n \n July 2024\n \n by Coveo in partnership with Arlington Research, unveils indicators of a robust upcoming fourth quarter for retailers, with 59% of shoppers saying they plan to cut everyday purchases in order to prioritize gifting budgets, and more than three quarters (76%) planning to maintain or increase gift purchases this holiday season.\n \n\n Another major finding in the report is that the vast majority of shoppers can be swayed to purchase unplanned items this holiday season – 85% of respondents said they are prone to impulse buys online, especially fashion, shoes, and apparel. Furthermore, 90% of shoppers said they are open to being persuaded to add items to their existing online order, showcasing the potential for AI-driven strategies to enhance retailers' ability to cater to shopper preferences in real-time and increase cart values.\n \n\n \"Shopper enthusiasm and receptivity to persuasion are clear standouts in our annual holiday report findings, signaling that retailers have a major opportunity to capture a greater share of consumer spending during the upcom...