PriceGrabber’s Holiday Consumer Spending Forecast: How Full or Empty is Your Glass?
PriceGrabber has released their holiday consumer spending forecast and it’s clear that shoppers are hankering down on the ol’ family budget. It’s not quite as severe as last year, but consumers seem to be planning their holiday spending with more diligence this time around. In order to spend smarter, they’re starting earlier, doing their research and looking for deals. Let’s dig in.
70% of consumers are conducting product research and comparison shopping online. This has nearly doubled from last year, which was 38%. That behavior is already in progress. 30% have already begun shopping, most of them beginning this month (October).
Fewer consumers are planning to spend less. This year 53% plan to spend less than they did last year. That’s down from 71% of consumers who were asked the same question in 2008. It’s good news that the number has dropped, but retailers need that number to drop even more.
The top 3 ways consumers plan to save are:
research and comparison shop online (70%)
shop at discount stores (50%)
use online coupons (39%).
If you have a clearance, discount or outlet part of your e-commerce site, you’ll want to promote it. 50% of consumers are planning to shop at discount or outlet stores this year, while only 43% did so last year.
Women will make more of an effort to save than men. Female consumers dominate every penny-pinching category except for research and comparison shopping. 72% of men and 67% of women will research and compare online this year.
When it comes to […]
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