National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Consumers Plan on More Holiday Spending, But More of It Online
There’s a mix of good news and not-so-good news in a trio of consumer surveys about this year’s holiday shopping patterns. First, the good news: 25% of consumers plan to spend more this holiday season than they did last year, according to Discover’s annual holiday shopping survey, with younger generations leading the charge.
A KPMG survey put the percentage of consumers with similar aspirations for spending more at 15%, while a Junior Achievement USA sampling of teenagers said the majority of teens (54%) plan to do most of their holiday shopping at brick-and-mortar locations.
Now the not-so-good news, as far as brick-and-mortar operators are concerned. Unsurprisingly, an increasing number of consumers are looking to the Web and mobile devices for their holiday gift purchases.
Gen Z led the way in Discover’s survey, with 80% planning to use their mobile device to shop for holiday gifts. That compares to 73% of Millennials, 62% of Gen X and 41% of Baby Boomers.
Among those who plan to shop on their mobile devices, Discover found that 67% of Gen Z consumers say they’ll do so for all or most of their holiday shopping, compared to 66% of Millennials, 56% of Gen X and 39% of Baby Boomers.
KPMG found that higher-income households, as well as Millennials, indicated that they’re adopting online shopping faster than their lower-income counterparts, as they rapidly turn to online and mobile technologies to take advantage of holiday deals.
“As more consumers turn to online shopping this holiday season, retailers are expected to escalate their efforts to deliver seamless and personalized customer experiences, both online and in-store,” said Mark Larson, national leader of KPMG’s consumer & retail practice. “Consumers expect a convenient and consistent transaction experience, which is customized to their needs, while also protecting the privacy of their information.
“Expect to see an increasing use of technology and consumer data to provide personalized, on-demand experiences to customers, who are becoming less predictable,” he added.
For comments, questions or concerns, please contact Paul Bubny
