Holiday Shopping to Happen Early and Often, Report Finds
The holiday shopping season is starting earlier than ever. This week, the International Council of Shopping Centers (ICSC) released its annual holiday consumer tracking survey, reporting how consumers are preparing for the upcoming season. The report comes just weeks after the National Retail Federation forecasted a 4.1 percent increase in U.S holiday retail sales.
One of the top findings from the report was that nearly 35 percent of consumers plan to begin holiday shopping before the end of October. In addition, roughly three out of five consumers will begin their holiday shopping by Thanksgiving this year, and by the end of Thanksgiving weekend (the biggest shopping weekend of the year) 86 percent of consumers will have started to make holiday purchases. However, despite consumers getting an early start this year, only 10 percent say they'll be done their holiday shopping by Thanksgiving Day.
"The importance of November to the overall season can't be overlooked as consumers indicate they plan to complete 37 percent of their holiday purchasing during the month — only slightly behind December's share of 42 percent," said Jesse Tron, spokesperson for ICSC in a company press release. "The promotional Thanksgiving weekend is likely to have a large impact on those intentions."
On average, consumers will spend $677 on holiday-related items this year, with $559 going towards gifts and $118 on items such as decorations, food, etc. The survey also revealed that 70 percent of consumers plan on spending the same amount or more as last year.
So, what will consumers be purchasing this year? Electronics seems to be on top of most wish lists, with 52 percent of respondents citing it as their top choice (a dramatic difference from last year's 27 percent). On the other hand, gift cards will be less popular, falling from 60 percent last year to 45 percent this year, with consumers opting instead to give more personalized gifts.
Procrastinators, you've been warned.
- People:
- Jesse Tron
- Places:
- US