2024 HomePage News Occasions Report
Much discussion surrounds the wariness of shoppers to spend discretionary dollars, but the HomePage News Occasions Report 2024 suggests that they are more willing to consider laying out some cash in the year ahead when it comes to celebrations.
Whether it’s weddings or pet ownership, IHA Occasions Survey 2024 participants demonstrated that they remain willing to spend when it comes to festive occasions. Although the numbers aren’t dramatically above those generated in last year’s study, responses demonstrated significant enthusiasm for spending on occasions versus 2023.
In demographic terms, the youngest adults were the consumers most willing to spend on gifts, especially housewares gifts for occasions in the upcoming year. For the most part, consumers in the age range of 35 to 44 followed. In terms of household income, the most affluent consumers were the ones most likely to anticipate participation in an occasion over the next few months, but middle-class households were right behind them. Even with the actions taken by the United States Federal Reserve to slow inflation, 2023 saw consumer spending stay strong even if it fell off a bit as the year progressed. Retailers will tell you that consumers who have money will spend it, and with unemployment low and a lot of people still reestablishing bonds with family and friends they couldn’t see during the worst days of the COVID-19 pandemic, occasions may be a little more attractive than they might have been before.
Critically, as so many other occasions revolve around it, weddings got more interest in this year’s study. Respondents to the survey were several percentage points more likely to be part of a wedding for family, friends or themselves.
The year ahead looks to be richer in occasions than it was in 2023 and purchasing housewares gifts for special events gained in popularity as well.
The 2024 IHA Occasions Survey was conducted by Morning Consult between September 9 and 10, 2023, among a sample of 2,202 adults. The interviews were conducted online, and the data was weighted to approximate a target sample of adults based on age, gender, race, educational attainment, region, gender by age, and race by educational attainment. Results from the full survey have a margin of error of plus or minus two percentage points.