Report - January 24, 2024
Harris Williams recently surveyed consumers during the 2023 holiday shopping season. The results—from both holiday activity and overall consumer shopping preferences—provide valuable insight into the sector’s long-term growth and opportunities for brands going forward.
E-commerce is back on its growth trajectory after experiencing a correction from the pandemic’s unprecedented shift in consumer shopping behavior. The sector is expected to continue growing at a 10%+ CAGR, expanding to over 20% of U.S. retail sales by 2027.1
Multiple factors are expected to drive this growth, including a dynamic consumer seeking value and convenience, as well as innovative retailers and brands making investments across the shopping journey. From the survey’s results, it’s clear that investments to capitalize on e-commerce are paying off with shoppers relying on e-commerce tools and omnichannel capabilities to discover brands and make purchasing decisions.
The survey also highlighted a growing consumer preference for retailer websites. In recent years, this channel has received meaningful investments from retailers and represents a key growth area for brands. At the same time, an omnichannel presence can have a strong impact as it allows brands to expand their tangible addressable market while providing tailwinds to brand perception and new customer acquisition initiatives.
To request our full survey observations and the value-creation opportunities they represent, please contact our senior professionals: ConsumerInsights@HarrisWilliams.com
