How will consumers spend their money for the 2020 holidays?
STATEN ISLAND, NY – According to an annual shopping survey, consumers’ focus on vacations in 2020 will be less travel than gifts.
Despite the ongoing coronavirus (COVID-19), consumers say they plan to spend an average of $ 997.79 on holiday gifts and items – such as decorations and food, and ‘non-gift’ purchases for themselves and their families, and they plan to do most of it online, according to the National Retail Federation (NRF) and Prosper Insights & Analytics.
“Consumers have demonstrated their resilience and adaptability throughout this extraordinary time,” said Matthew Shay, President and CEO of NRF. “In anticipation of the holiday season, retailers will be ensuring their stores are safe for customers and employees as we all prepare to celebrate family and friends during this special time of year.”
The study found that consumer spending on gifts is comparable to last year, declining by only about $ 8, while spending per person on other holiday items, like decorations, is on the rise. made up slightly.
STAY AT HOME THIS YEAR
With the coronavirus still a major threat, vacation vacations are irrelevant to most people.
One in five (19%) holiday shoppers say they usually travel for the holidays, but will be staying home this year. More than half (53%) of those who changed their vacation travel plans said they would likely spend more on vacation items this year, especially because they won’t be traveling.
With holiday inventory and promotions starting even earlier than usual, consumers remain flexible with their holiday shopping plans. The vast majority admit that they might be convinced to start shopping earlier than usual through incentives such as vacation deals or to avoid the crowds or the stress of last-minute shopping, according to the study.
“Consumers are taking advantage of a variety of offers from retailers this holiday season, including early sale promotions and shipping options,” said Phil Rist, executive vice president of strategy at Prosper. “Consumers focus on making the holidays special for others, but they play by ear when it comes to those ‘extra’ items they could get for themselves. “
SKYROCKET ONLINE AUCTION
As online sales have exploded during the pandemic, it’s no surprise that the majority (60%) of consumers say they plan to purchase vacation items online this year. Almost all (91%) online shoppers plan to take advantage of free shipping, while 44% plan to buy online, pick up in store, and 16% plan to use same day delivery.
With many brick-and-mortar retailers announcing that they will be closed for Thanksgiving this year due to the global pandemic, and New York City malls only allowed to have 50 percent capacity. buyers, many people will likely search for Black Friday and other vacation deals online. And that eliminates the door breakers and heavily discounted deals that mainstream retailers often carry on Thanksgiving Eve.
“In-store shoppers won’t have the same holiday traditions they’re used to, like Black Friday in-store events, or at least not the mad rush of past Black Fridays,” said Kristin McGrath, writer and expert at shopping at BlackFriday.com. “With retailers announcing that they will be closed for Thanksgiving, it is highly unlikely that they will be offering door breakers on Black Friday. Even if you shop online, you can expect shipping delays and shipping times earlier than in previous years.