Most High Earners Plan To Spend More This Holiday Season: Study

Two out of three high-income consumers expect to spend the same or more on holiday shopping this year than they did in 2019, according to Four Things Every Advertiser Needs to Know This Holiday Season, a study by AKI. 

Overall,  43% of consumers plan to spend less. The high earners are 20% more likely to spend more or maintain. 

The fact that 57% will spend more means that the finding is “not apocalyptic,” AKI says.  

At the same time, 82% plan to do some of their shopping in brick-and-mortar stores, and they seem to crave this experience.  

Of those polled, 36% want the tactile experience. 

However, 61% of the high earners will make purchasing decisions prior to visiting retailers, and they are less likely to browse in stores.  

That means there is an opportunity for educating those consumers on products via email, web sites and other channels. 

In fact, 25% say they are looking for ideas for holiday gifts. 

Meanwhile, 39% say they don’t see online as a viable alternative to the Black Friday experience in stores. 

The four promise takeaways are: 

  1. Spending will decline — but not for everyone. 
  2. Consumers still crave the in-store shopping experience.  
  3. Black Friday isn’t just about deals.
  4. Social distancing impacts gathering size, which impacts gift-giving. 

AKI surveyed 3,000 U.S. consumers. 

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