This holiday season, shopping centers should focus on experiences over products if they want to get consumers through their doors as dining and entertainment draw customers back to malls and other retail outlets.

Of the $958 per person shoppers plan to spend this holiday season, 22.8% will go toward entertainment and experiences, according to JLL's 2023 Holiday Shopping Survey. More than 90% of respondents plan to participate in at least one holiday-related experience — up from the 2022 holiday season.

Shoppers plan to spend 13.8% less on gifts and other holiday merchandise than they did last year, decreasing from an average of $868 per person to $748 per person this year.

Experiences Consumers Plan To Spend On This Holiday Season

Source: JLL Holiday Shopping Survey 2023

"Consumers are not limiting themselves to one entertainment activity," JLL's report states. "Over 60% of shoppers plan to participate in two or more holiday experiences. This is especially true of wealthy consumers — 76.3% of whom will enjoy multiple holiday-related experiences."

Millennials are more likely to participate in many activities, with 16.1% of people ages 30 to 44 enjoying four or more different holiday experiences this year. Men are more likely than women to participate in most holiday experiences with the exception of dining out and taking the kids to see Santa Claus.

While experiences may be taking center stage, it doesn't mean that people won't shop for gifts.

Shoppers love the sights and scents of stores during the holidays, so retailers hoping to lure shoppers through their doors should consider the experience they provide. While mass merchandisers will draw the bulk of holiday shoppers, local boutiques are more likely to be patronized by high earners, older shoppers and women.

Women likely will splurge on gifts this year — spending 40% more than men. Older generations — particularly baby boomers — also will spend more on gifts than younger people as they seek to spoil their grandchildren.

But just because folks have set their budgets higher and are planning to splurge on loved ones does not mean they will spend with abandon. Most shoppers will look for creative ways to save money. They'll take advantage of sales and deal days, buy less expensive gifts and shop for fewer people.

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This article Deck The Halls With Boughs Of Fun: This Holiday Season Is About Experiences, Not Just Gifts originally appeared on Benzinga.com

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