US Holiday Shopping Season Remains Big Business
October 15, 2019
(Industry Intelligence Inc.)
– With Halloween on the horizon, the holiday shopping season has officially begun. And according to a new report, the holidays in the U.S. are still big business.
According to an annual survey by the International Council of Shopping Centers (ICSC), total holiday spending in the U.S. is expected to reach $832.3 billion, up 4.9% from last year, with 90% of shoppers spending in physical stores. Additionally, 97% of holiday shoppers plan to shop with a retailer that has a physical presence, and 82% of those consumers are likely to make an additional purchase in-store while picking up their online purchase.
“Our annual Holiday Shopping Intentions Survey once again shows that consumers are not only optimistic about the upcoming holiday season, but also continue to favor physical stores when shopping for gifts,” said Tom McGee, President and CEO of ICSC. “Consumers expect convenience and experience when shopping which means that those retailers with a good omnichannel strategy will likely see success this holiday season.”
Other findings from the survey:
The majority of holiday shopping will take place between Thanksgiving and Christmas Day, with 86% of shoppers planning to complete their shopping during that time period. Additionally, almost 60% of holiday shoppers plan to shop over Thanksgiving weekend, with that number jumping to 73% for Millennial shoppers.
Promotions will drive in-store visits, with over 60% of shoppers saying that searching for deals encourages them to make more trips to physical stores.
Topping the list of items shoppers will purchase this year are gift cards (63%), apparel/footwear/accessories (55%), toys/games (48%) and food/alcohol (43%).
Eighty-seven percent of shoppers plan to research online before going to stores, and 82% of shoppers who have a mobile device will use it in-store to compare prices, get digital coupons and check inventory.
Nevin Barich is the Consumer Products Analyst for Industry Intelligence, which can help YOU better address your own industry challenges. We invite you to come take a look at our service.Call us today at 310-553-0008 and we’ll schedule you for a 15-minute demo.