Study: Budget-conscious Puerto Ricans embrace holiday traditions
The “longest elections” are not dampening the Puerto Rican holiday spirit, with residents ready to celebrate “no matter what,” according to this year’s “Santa’s List 2024” study.
Puerto Ricans are embracing the holiday season with enthusiasm despite economic challenges, high temperatures, ongoing blackouts and the lingering effects of what many describe as the longest elections in recent history, which now give way to the “longest, and best, Christmas in the world.”
According to the 11th edition of the “Santa’s List 2024” survey by Arteaga & Arteaga, 74% of Puerto Ricans are prioritizing Christmas celebrations with their families, setting politics aside to enjoy the island’s festive traditions.
While 64% of consumers plan to shop from Christmas to Three Kings’ Day, purchase intent has decreased by 8% compared to 2023. Shoppers are focusing on variety (66%), discounts (61%), low prices (60%) and quality (52%), reflecting a more cautious approach to holiday spending.
“Everything indicates that Puerto Ricans will be conscientious when making their purchases and will prefer traditions to celebrate the holidays. From discount stores, special gifts made in Puerto Rico to gift cards and online shopping, consumers will have a wide variety of gift options and sales channels to find gifts for the special people on their Santa List,” said Juan Alberto Arteaga, president of Arteaga & Arteaga.
“The commercial [sector] will also be nourished by a diverse entertainment offer, which will also benefit domestic tourism and the purchase of beverages and food, whether to celebrate or give as gifts,” he added.
Strategic shopping
Puerto Rican consumers are blending traditional and modern approaches to holiday shopping. While malls remain popular, many are exploring online stores, local artisans and Puerto Rican-made products. Women lead in online shopping, while more men report avoiding it, the report shows.
Retailers have prepared for a cautious but festive season, leveraging initiatives like “Orange Wednesday” to promote small businesses. This initiative, extended throughout the holiday season, encourages consumers to buy local, supporting the island’s small and medium-sized enterprises, which generate the majority of direct jobs.
“Support for local businesses is growing as entrepreneurs innovate with technology and personalized in-store experiences to attract customers,” said Lourdes Aponte, past president of the United Retailers Association (CUD, in Spanish).
Family, festivities and financial planning
Holiday cheer remains strong, with 26% of respondents planning to enhance home decorations and 36% hosting parties. However, budgeting is a priority. Six out of 10 consumers have set Christmas shopping budgets, often smaller than in previous years, reducing impulse purchases (by 55.7%) and outings (by 56.5%).
Popular gift categories include apparel and accessories (78%), toys (49.7%) and gift cards (39.7%), with items like personal care and gift cards regaining popularity.
Experiences over material gifts
Puerto Ricans are also embracing cultural experiences such as “chinchorreos” (roadside restaurant crawls) and domestic tourism, reflecting a shift toward creating memories over material gifts. Traditional “parrandas” are making a comeback, with 12% of respondents planning to participate, while only 11% plan to travel outside the island by year’s end, according to the study.
The holiday shopping season remains crucial for retailers, accounting for 35% of annual revenue. Despite restrained spending, the retail industry projects total sales of approximately $34 billion in 2024.
“We found these results very interesting, validating the importance and cultural value that Christmas has for Puerto Ricans,” Arteaga said, noting that this year marks the first follow-up survey conducted after an election to gauge consumer sentiment.
