Our pulse check of consumers revealed that many are cautiously heading into the holiday season, with an average of 40% planning to curb spending. But beyond the headline, it’s more nuanced, with key differences along gender, age, and location lines. Retailers striving to capture the average shopper should instead focus on their target customers.

As the holiday season nears, retailers may be feeling more seasonal chill than cheer. Consumers remain cautious, with fears of a government shutdown and threats to global security only cooling plans further. The consumer outlook fell sharply in September for upper-income households, which represent more than half of consumer spending. How did last month stack up overall?

Next month: A preview of China’s Singles Day: How retailers can win by adapting to the flight to value as well as combining shopping and entertainment.

In case you missed it: 2023 Holiday Shopping Outlook