The economy is slowly but steadily improving, and this means that consumers are getting more confident about their financial conditions. Many shoppers are planning to hit retail stores and websites over the next few months to stock up on items and gifts. This is giving retailers and merchants hope for the season, and industry experts are anticipating that this year's sales totals will at least meet, if not surpass, the amounts for 2011.

Holiday spending will increase

According to a recent survey by PriceGrabber, consumers will be spending more on holiday purchases this year. More than half of respondents stated that they will spend just as much on purchases this year as they did in 2011. Twelve percent will spend more in 2012, up from the 7 percent who said the same last year.

There are many reasons why shoppers will be increasing their spending this holiday season. The study found that nearly half of consumers surveyed stated they are making more money this year, while 22 percent said it was their increasing confidence in the economy. Many consumers are also expecting retailers to offer better prices and deals this season, with 67 percent stating this as the number one cause of their increased spending. There are many features that retailers are offering that is contributing to the jump in purchases, including free shipping, discounts and clearance sales. Shopping has also started earlier this year, the research found.

"Our survey data found that shoppers are not only expecting to find great prices and bargains this holiday season, but 59 percent of consumers plan to start shopping even earlier this year to spread out the impact of purchases, compared to 53 percent in 2011," stated Rojeh Avanesian, PriceGrabber vice president of marketing and analytics. "Our data indicates that 17 percent of consumers plan to start their holiday shopping in September and 31 percent plan to begin in October this year."

2012 holiday trends

There are several trends that retailers need to be on the lookout for this holiday season. Independent Retailer reports that online shopping will be huge this year, and companies that do not implement strategies to meet the demands of consumers could lose out to competition. A study by Pitney Bowes revealed that the online shopping experience for consumers needs to be streamlined to avoid any instances of confusion or frustration. Additionally, the source states, shoppers will be looking to purchase items from retailers by using multiple channels. Merchants must be willing to provide these and remain consistent through each one. 

This entry was posted by Retail Pro on Thursday, October 4th, 2012 at 2:13 am .