Consumers looking for price, value in holiday shopping
Shoppers are not only looking to purchase the items and gifts on their lists this holiday season. They are also concerned about finding products and services that provide value while being affordable. These are just two aspects that customers are expecting when they begin to hit retail stores over the next two months. Additionally, all signs are pointing to a successful holiday season, as retailers are anticipating higher sales as consumers begin to regain their confidence in the economy.
Consumers also want free shipping
When it comes to shopping online, buying items from retailers provides convenience and easier comparison with other products. However, these are not the only things that customers are looking for from retailers for this upcoming holiday season. According to recent research from The E-tailing Group and MarketLive, 85 percent of consumers stated they would be willing to purchase gifts from an online retailer if they were offered free shipping, reports Internet Retailer. However, price and value also ranked high on their list, with 85 percent saying they are looking for affordable options and 87 percent stating they want products with value.
Additionally, the traditional days that consumers normally shop, such as Black Friday, are also changing. The research found that last year, 52 percent of respondents hit retail stores the day after Thanksgiving, and 53 percent plan to do so this year. However, the number of shoppers that will be buying items the weekend after Thanksgiving dropped, as only 47 percent stated they plan on purchasing from retailers during those days, compared to the 51 percent who did so in 2011.
Consumer sentiment on the rise
American consumers are also increasingly gaining their confidence in the economy, which could result in better-than-expected retail sales for this year's holiday season. The most recent Thomson Reuters/University of Michigan found that consumer sentiment reached its highest level in five years during October, coming in at an index of 83.1. This represents a significant increase from September's figure of 78.3.
These numbers, coupled with the recent drop in the nation's unemployment rate, could mean the economy is finally picking up its pace once again.
"What changed was how they (consumers) evaluated economic conditions," survey director Richard Curtin said in a statement. "Economic conditions during the year ahead were expected to be 'good' by more consumers, and more consumers expected 'good' economic times over the next five years."
