The timing of when consumers will do their holiday shopping is shifting from years past, Chain Store Age reports. According to a new survey from shopping rewards app Shopkick, 43% of surveyed consumers say they plan to shop on Black Friday this year (an 18% decrease from 2021), and 27% plan to shop on Cyber Monday (a 40% year-over-year decrease).
However, the data indicates younger generations are more likely to take advantage of deal days, with 56% of Gen Z and 50% of millennials planning to shop on Black Friday vs. 44% of Gen X and baby boomers, and 36% of the Silent Generation.
At the same time, 40% will begin holiday shopping before Thanksgiving, a 15% increase vs. 2021. Twenty-seven percent plan to get started before Halloween, an 18% rise vs. the prior year.
The majority will split their time online and in-store, with 71% reporting they will utilize both. Of those shopping in-store, 87% plan to purchase holiday gifts at big box stores, followed by off-price retailers (52%), department stores (47%) and club stores (39%).
The survey also examined consumer holiday spending plans. Those findings included:
Sixty-three percent say inflation and the looming recession have impacted the way they plan to shop for the coming holiday. To save money on holiday purchases, 49% plan to shop for deals and sales, 37% plan to limit the people they buy gifts for, and 36% plan to shop online more frequently to save on gas.
Thirty-five percent plan to spend less, as 65% feel less financially secure. Only 11% plan to spend more — 41% of whom are Gen Zers, who say they have more gifts to buy (52%) and feel more financially secure (41%).
Respondents say sales and promotions will influence them most when it comes to beginning holiday shopping (77%). They care most about shopping at retailers that offer discounts and sales (55%).
Ninety-one percent say free shipping is the most important incentive for online seasonal shopping.“As inflation continues to impact consumers’ budgets and fears around a potential recession linger, it is critical that brands provide value wherever possible because shoppers will be making trade-offs this year,” said Brittany Billings, EVP of marketing and strategic markets at Shopkick. “Offering deals and savings early — both in-store and online — should be a top priority, especially now that consumers are gearing up to tackle their holiday shopping earlier this year.”
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