Retailers launch summer shopping spree in… July?
Consumer confidence regarding holiday spending remains uncertain, but one thing is clear: shoppers are adopting new strategies this season.
According to a survey conducted by RetailMeNot, an online savings platform, 75% of respondents plan to shop online this holiday season, an increase from 68% last year. This shift towards e-commerce is likely a response to the ongoing pandemic, as consumers prioritise safety and convenience.
The survey also reveals that shoppers are deal hunting and comparison shopping, choosing not to spend all their holiday budget solely in November and December. This trend indicates a shift towards savvier shopping behaviour, with consumers looking to get the best value for their money.
In addition, 28% of consumers are making their first holiday purchase earlier than last year, and 34% are looking for deals earlier in the holiday season. The shortened holiday season, which spans just 26 days between Thanksgiving and Christmas, may be influencing this early start.
Despite the economic uncertainties, the survey findings suggest a positive holiday season for retailers. Anticipated holiday sales growth is projected to exceed 5%, with the most optimistic of reports suggesting growth could be significantly more than this.
However, consumer credit card debt reached a remarkably high rate earlier this year, and shoppers plan to spend $738 this holiday season, a decrease from $803 last year. This indicates a shift towards more budget-conscious spending.
Sara Skirboll, shopping and trends expert for RetailMeNot, stated that shoppers are getting savvier every year when it comes to holiday preparation. She added that the shortened holiday season is causing stress for 14% of survey respondents, highlighting the need for retailers to provide clear and accessible information to help shoppers make informed decisions.
The potential impact of consumer confidence on holiday spending remains uncertain, but one thing is certain: shoppers are adapting to the challenges of the holiday season with a focus on deals, online shopping, and budget-conscious spending.
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