According to the 2024 Supply Chain Confidence Survey conducted by Manhattan Associates Inc., 85% of consumers are worried about inflation and rising prices this holiday season. The survey, which polled 250 retail executives, 250 supply chain logistics leaders, and 500 consumers, also revealed that nearly 61% of supply chain leaders have invested in new technologies and processes to enhance efficiency and cut costs.
Approximately 70% of retailers anticipate higher holiday costs, prompting 64% of consumers to cut back on non-essential spending. To save money, 52% of consumers are willing to wait for deals and discounts, prioritizing them over other shopping criteria.
Retailers and Supply Chain Leaders Turn to Technology
To counteract inflation, about 70% of retailers plan to offer more sales and discounts, 56% will provide discounts through their loyalty programs, and 34% will introduce flexible payment options.
In addition to these strategies, supply chain leaders and retailers are turning to new technologies like artificial intelligence to streamline operations and reduce costs. The survey found that 44% of retailers plan to hire fewer seasonal workers this year, while 58% of supply chain leaders aim to expand their workforce to handle peak omnichannel demand.
Over a third of retailers will implement the latest automation technologies to hedge against rising costs (35%) and manage last-minute order surges (42%). With a shorter holiday shopping season this year, 40% of consumers plan to start their shopping earlier, with nearly 65% prioritizing free shipping.
