Consumer holiday shopping trends being revealed
With the official start of the holiday shopping season last month, retailers have begun to analyze the purchasing habits of consumers that are hitting both brick-and-mortar locations and websites to stock up on items and gifts. This information is valuable for businesses, as merchants can tailor their offerings and incentives to fit the needs and wants of these customers. Whether it's in stores or online, companies can boost their revenues by effectively providing deals, discounts and items for the holiday season.
Online shopping becoming more prevalent
A recent study by iProspect compared both in store and web shopping patterns for the holidays from this year and last year, and perhaps one of the more evident findings was the significant increase in the number of consumers going online to purchase items. In 2011, the total sales amount was $46.7 billion through ecommerce during the holiday season. This year, that figure is forecasted to reach $54.5 billion, representing a 17 percent increase. The source states that 84 percent of holiday shoppers will go online to buy products and gifts this season.
When it comes to in-store sales, amounts have not jumped significantly over the last year, but a large number of consumers are still going to brick-and-mortar locations to purchase their gifts. The research found that in 2011, approximately $563 billion was spent during the holiday season in retail stores. This year, it is expected that shoppers will buy $586.1 billion worth of items from brick-and-mortar merchants. This is a 4 percent increase year-over-year.
Consumer confidence seems to be increasing
There are other habits that are emerging from the ongoing holiday shopping, according to Advertising Age. The source states that retailers across the country seem to be nervous about the economy, despite the steady improvements being made. For this reason, many businesses are doing their best to keep up incentives and discounts throughout the entire season, and not just on the busiest days.
On the other hand, the source writes that consumers do not seem to be impacted by the economy or are concerned about the impending fiscal cliff. Shoppers are more confident in their own financial conditions, which has led to them hitting retail stores and websites in large numbers this season. A further piece of good news is analysts' expectations that this spending will continue into the new year.
