Study: Consumers Humming Toward Holidays
New consumer insights from Deloitte indicate that while shoppers aren’t about to break out in a holiday shopping frenzy in the next few weeks, they’re not exactly downbeat, either.
While 67% of respondents in Deloitte’s 26th annual holiday survey do expect the economy to either stay the same or worsen in the months ahead, 59% plan to spend the more or same on the holiday anyway. That represents a small decline from last year, but is still 8 percentage points higher than in 2009, when the r-word was still top of mind in America’s living rooms.
Higher-income families are more likely to be spending at the same or higher levels, while lower-income families say they intend to cut back: Households earning $100,000 or more say they expect to trim 2%, and spend an average of $812 on presents. Families earning less than $100,000 say they intend to cut back 26% to $291. And of those cutting back -- 42% of the overall survey -- 63% cite higher food prices and 60% blame higher gasoline costs.
Across the board, people plan to buy fewer gifts -- an average of 14.7 holiday gifts this year, down from 16.8 last year. (That’s the fourth year it’s declined.)
Gift cards are also losing their appeal, falling from the No. 1 spot after seven years. Clothing is now the most likely gift, with 48%; gifts cards are second at 45%.
Internet shopping surged in popularity, climbing 13 percentage points to tie with discounters as the No. 1 place to buy presents. And discounters got dissed, sliding 10 percentage points from last year’s survey.
Online shoppers say they are most motivated by good deals, and are hunting for free shipping. And 27% say they are also seeking bargains via smartphones, while 44% say they will use social media.
The survey, fielded last month among more than 5,000 adults, found that while most will start shopping early, with 53% planning to begin before Thanksgiving, they will play chicken with stores too: 73% say they plan to hold out until after Thanksgiving to do most of their shopping.
And overall, Gen Y shoppers are the most enthusiastic about Black Friday this year, with 42% of those in the 18-to-24 group shopping that day, versus just 24% of those 25 and older.
Recent Marketing Daily Articles
-
Champs Taps Westbrook For Ad Push May 17, 4:52 p.m.
When it comes to a spokesperson deal, if you’re a star athlete you don’t necessarily have ... -
Strategic Vision: Domestics Strong Showing In Quality May 17, 4:47 p.m.
For several years there's been convergence in the automotive market. No, we're not speaking of integrated ... -
Athenos Unleashes 'Cooking With Yiayia' Campaign May 17, 9:48 a.m.
Julia Child she isn’t, but Yiayia brings her own, trademark irascible appeal to a new series ... -
Gen Y's Favorites: JCPenney, Target, Walmart, Kohl's May 17, 9:07 a.m.
For all of Gen Y’s ballyhooed love of techno-shopping, it turns out retailers have little to ... -
Hanes Aims Destruction Videos At Gen Y May 16, 11:25 p.m.
In an effort to encourage Millennial men to slip into its new ComfortBlend socks, tee shirts ... -
FirstBank Expands Ad Campaign May 16, 11:11 p.m.
FirstBank is extending its TV advertising for the first time outside of its home state of ... -
Jennie-O Partners With 'Recipe Rehab' May 16, 1:07 p.m.
Jennie-O products are being featured in integrations in the popular “Recipe Rehab” show, and in a ... -
2 Audiences, 2 Approaches For Samsung Monitors May 16, 12:27 p.m.
When we get consumers to shell out money for high-end computer monitors, it’s important to give ... -
Meaty: Whole Foods, Smithfield Talk Healthier Hogs May 16, 6:24 a.m.
Looks like meat marketing is stepping center stage. Whole Foods Markets, in celebration of Animal Welfare ... -
Hyundai Says Everything's Gonna Be All Right May 15, 11:40 p.m.
Every little thing gonna be all right. Especially if you have car trouble. Hyundai Motor America ...
Be the first to comment on "Study: Consumers Humming Toward Holidays"
Leave a Comment