ICSC Forecasts Strong Consumer Spending Holiday Season 2017
Retail sales this holiday season are forecast to grow 3.8% year-over-year, according to International Council of Shopping Centers’ (ICSC) “Holiday Shopping Intentions Survey.” Consumers are expected to spend on average $728.40 on gifts and other holiday related items.
While much attention is rightly paid to growing online shopping trends, ICSC found that consumers’ buying preferences cover a wide array of channels, from in the store, online and click and collect. Still, 96% of shoppers say they plan to make a purchase from a retailer who has both a physical, as well as an online presence, while 91% of shoppers plan to buy at physical locations.
“Our annual Holiday Shopping Intentions findings demonstrate that consumers are very optimistic this holiday season and that physical retail remains a cornerstone of the holiday season,” said ICSC’s Tom McGee. “The more agile retailers are in meeting consumers’ demands for the seamless convergence of physical and digital shopping, the more success they will see.”
One demographic group, Millennials, is expected to play a central role in shaping the 2017 holiday season, as 92% of them plan to spend money in a physical store. And more than any other age group, Millennials plan to take advantage of discounts on Black Friday (57%).
“Millennials are by far the biggest disruptor right now. They not only want experience, but they want convenience as well which we see in their intent to utilize both online and physical,” stated McGee. “The theory that they are a digital-only generation is simply not true; they want digital to be a part of their transaction rather than the entire transaction.”
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