Consumers Embrace Savings Mindset, Prioritize Skincare, Haircare, and Face Cosmetics During Holiday Season – Nielsen Survey
As the holiday season approaches, consumers are adopting a savings mindset, prioritizing skincare, haircare, and face cosmetics, according to a recent survey conducted by Nielsen. The study, which surveyed 1,500 US consumers planning to shop online during Amazon’s promotional event, provides valuable insights into consumer behavior amidst the ongoing cost of living crisis.
The survey, conducted on September 29, reveals that instead of approaching the holiday season as big spenders, consumers are now more focused on saving money. This trend is undoubtedly a reflection of the challenging economic conditions that many consumers across the country are currently facing. Nielsen’s data suggests that awareness of the cost of living crisis has resulted in a shift in consumer priorities as they search for ways to stretch their hard-earned dollars.
When it comes to beauty products, the survey results highlight that skincare, haircare, and face cosmetics are at the top of consumers’ shopping lists during the Fall event. A staggering 46% of respondents expressed their desire to find beauty products at affordable prices. Additionally, 30% of consumers plan to shop at the Sephora VIB sale, while 28% are looking forward to the Ulta Gorgeous Hair sale in order to take advantage of better prices.
These findings bode well for Amazon’s upcoming Big Deal Days Event, as the survey indicated high levels of consumer awareness and intent to shop. In fact, 62% of respondents were already aware of the October event, with 56% of them expressing their intention to make purchases during this highly anticipated shopping extravaganza.
The survey also sheds light on the categories that are likely to be the top sellers during Amazon’s promotional event. Health and beauty categories, such as oral hygiene, haircare, facial skincare, cosmetics, and nailcare, are expected to generate significant sales volume and lift. These categories consistently perform exceptionally well during Prime Day events, cementing their position as the biggest winners in terms of consumer demand.
While past years’ Prime Day events have been a revenue-generating phenomenon for Amazon, the October 2022 event marked a significant downturn in sales growth. This decline can be attributed to the tough economic conditions that have impacted consumer spending patterns.
Looking ahead to the October 2023 event, survey respondents were divided, with a considerable number falling into the ‘I don’t know yet’ category regarding their spending intentions. However, there is a positive outlook as 58% of respondents expressed their intent to buy Christmas gifts during the promotional event.
Underscoring the impact of this holiday spending spree, the survey results indicate that 44% of respondents plan to allocate at least a quarter of their total holiday shopping budget to the event. This signifies consumers’ eagerness to seize discounted products while spreading out their spending and minimizing their expenses during the holiday season.
The data also highlights the role of inflation in the cost of living crisis experienced in the US. Approximately 21% of US consumers surveyed admitted that they would be actively seeking deals during the holiday season for fear of price increases later in the year.
Although a significant portion of consumer spending has been earmarked for the Autumn Prime Day event, Amazon shoppers are also gearing up for Black Friday. A whopping 69% of survey respondents confirmed their intentions to participate in this highly anticipated shopping event.
As consumers embrace a savings mindset and prioritize their beauty needs, Amazon is poised for a successful Big Deal Days Event. With high levels of awareness and intent to shop, coupled with the consumer demand for discounted health and beauty products, this event is likely to be a highlight of the holiday season.
