- Consumers are eager to spend and save money with offers, according to the ICSC. In his Annual holiday buying intention survey, the firm predicts that holiday sales between November and December will increase 8.9% to $ 923 billion from a year ago. According to the survey of 1,005 people, 78% of respondents said they plan to spend as much or more money this year than last year, and 75% said they plan to spend their money. purchases earlier this year.
- When it comes to why they shop earlier, 45% said they wanted to make sure the items they wanted were available, followed by those who wanted to access early vacation deals (42%) and get their purchases on time (42%), according to the survey. Holiday shoppers plan to spend an average of $ 637 on gifts and other holiday-related items.
- Most of those surveyed (85%) said they will be shopping in physical stores this year, but the report predicts that omnichannel options will lead to a 13% increase in online sales. More than a third (37%) of those surveyed said they wanted to see the products in store, followed by 34% of people who said they wanted to collect their goods immediately and 30% are looking for inspiration for gifts, according to the survey. .
Although reports predict consumers plan to spend more during the 2021 holiday season than last year, they are still interested in finding deals. According to the ICSC survey, 80% of shoppers said that offers are factored into their holiday shopping, and more than a third (38%) of those surveyed will plan their shopping around specific promotional events.
Other research has noted similar results indicating that buyers want to stretch their money while spending more this year. Another recent JLL survey showed that 34.4% of buyers said saving is their main goal. In addition, data from Klarna and Deloitte also predict a rise in consumer spending this year.
In anticipation of increased sales, retailers like Amazon and Target have launched vacation deals early.
“Strong retail spending has resulted in a significant economic recovery this year despite the ongoing COVID-19 pandemic, and consumers continue to revert to pre-pandemic behaviors in the face of uncertainty,” said Tom McGee, president and ICSC CEO, in a statement. . “Consumers have remained resilient throughout 2021 which I am sure will continue during and after the holiday shopping season.”