Report: Many consumers have not started their holiday shopping
Although the holidays are fast approaching, there is a significant number of American consumers who have yet to start shopping for the items and gifts they will be giving to loved ones this year. There are several reasons for this, as many customers are busy with work and other obligations. Others are looking around for the best prices, both at retail brick-and-mortar locations and websites. Finding deals and discounts is very important for shoppers this year, as many are keeping an eye on their holiday budgets. To draw in customers, retailers are providing special offerings and various incentives designed to entice consumers.
More than 60 million haven't started holiday shopping
According to the recently released Consumers Reports Holiday Poll, approximately 66 million American consumers have not begun to tackle their holiday shopping lists. Additionally, many are concerned about their finances, as they will be looking out for deals and discounts to stay within their budgets when hitting retail stores and websites.
"Our poll revealed that Americans have plenty of shopping left to do and are generally enjoying the holiday season so far," said Tod Marks, Consumer Reports senior editor. "However, they are also watching their dollars very closely and just as in years past, they're looking for bargains."
The study found that consumers will be spending an average of $483 on gifts and products throughout the holidays. To help cut back on costs, shoppers are resorting to a variety of tactics to stay within their budgets. More than half (55 percent) stated they will be giving less expensive gifts, while 46 percent of respondents stated they will be searching for more discounts and deals being offered by retailers.
Merchants aiming to bring in shopping crowds
While Black Friday was a boon for retailers, many businesses are hoping to keep the activity going by providing discounts and offers to incentivize consumers, including the millions who have not started their holiday shopping. According to Bloomberg News, one example is clothing retailer Banana Republic, which has designed giveaways for its customers. The chain is giving six Fiat 500s for lucky shoppers, along with Ghirardelli chocolates, during December. Other merchants that have launched similar campaigns include J.C. Penney, which is handing out firewood and cashmere scarves as part of their holiday-themed giveaways. Both Target and Neiman Marcus are featuring limited-time designer collections throughout the holiday season, the news source reports.
