US Consumers More Reluctant to Shop During Peak Holiday Shopping Days & More Likely to Purchase Online Than in Stores, Accent...
October 17 2017 - 12:01AM
Business Wire
11th Annual Accenture Holiday Shopping
Survey finds consumers are bargain hunting for their holiday haul
all year round
U.S. consumers are less inclined to shop on traditional peak
holiday shopping days this year and more likely to search for and
buy the best bargains online than in stores, according to results
of Accenture’s (NYSE:ACN) 11th Annual Holiday Shopping Survey.
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Reasons why shoppers are less inclined to
shop on Black Friday (Graphic: Business Wire)
The online survey found that slightly more than half
(52 percent) of respondents said they are less likely to shop
on Black Friday this year, with nearly the same number
(50 percent) less likely to shop on Thanksgiving and
42 percent less likely to shop on Cyber Monday.
Approximately two-thirds (64 percent) of those who said
they don’t plan to shop on Black Friday cited the crowds of people
competing for bargains as the reason. Another reason for the
expected drop in shopping during the peak holiday shopping days:
year-round bargain buying. Nearly two-thirds (64 percent) of
consumers said they shop for holiday gifts throughout the year,
with the rise of constant discounts like deal websites and Amazon
Prime Day. In fact, more than four in 10 respondents (44 percent)
cited the ability to get equally good discounts other days of the
year as one reason they’re less inclined to shop on Black
Friday.
In addition, consumers plan to do more than half
(54 percent) of their holiday shopping, on average, from the
comfort of their home this year rather than in person at the mall
or other brick-and-mortar stores (46 percent). Furthermore,
half of the survey respondents said that a convenient shopping
experience online, including easy check-out and purchase through
mobile apps, are positively affecting their holiday spend in
2017.
“Given the rise of constant discounts and promotions on sites
such as Amazon, consumers are doing more of their holiday shopping
year-round, and this is proving to be the biggest competitor to the
traditional peak holiday shopping days,” said Jill Standish, senior
managing director and head of Accenture’s Retail practice. “Smart
retailers are taking a longer-term view of the season. Rather than
just striving to win new sales through ever-lower discounts, they
instead see the holidays as an opportunity to define their purpose,
engage in a way that is memorable and be clear about the role they
will play in shoppers’ lives both practically and emotionally.
Experiences that are distinct, memorable and worth sharing with
others can be the foundation for a more-profitable, enduring and
year-round relationship.”
Among other key findings of this year’s survey:
- Lower percentage of consumers say
they’ll spend more money on holiday gifts this year. While
several indicators predict holiday spending to increase, the number
of respondents who said they plan to spend more this year dropped
by 11 percentage points, from 44 percent last year to
33 percent this year. This could be due, in part, to the
rising uncertainty of consumers’ financial circumstances: 29
percent of consumers in this year’s survey said they are optimistic
about their financial situation coming into the holiday period,
compared with 34 percent last year.
- Gas prices are more likely than any
other factor to affect consumers’ holiday spending. Gasoline
prices is the main factor negatively affecting consumers’ holiday
shopping spend this year, cited by more than one-third
(37 percent) of respondents – double the number who cited that
factor last year (19 percent). Rising food prices was cited
next-most-often; 31 percent of respondents this year which is
up slightly from 28 percent last year.
- Shoppers will do their
homework. Consistent with last year’s survey, U.S.
shoppers will be doing lots of research before making holiday
purchases this year. Three-quarters (76 percent) of
respondents said they will likely ‘webroom’ – i.e., shop for a
product online before purchasing it in a retail store – and
approximately the same number (79 percent) said they plan to
‘showroom’ – i.e., visit a store to review a product before
purchasing it online. In addition, more than four in five shoppers
(84 percent) said they check Amazon.com before looking or buying
elsewhere.
- Retailers could benefit by providing
shopping ideas. Nearly two-thirds (64 percent) of
respondents said their shopping experience would be made easier if
they could get ideas for gifts for holidays and special occasions,
as well as for people for whom they don’t regularly shop. More than
half (54 percent) also cited online wish lists as another
factor that would improve their shopping experience.
- ‘Experience’ gift purchases will
likely increase. One-third (34 percent) of respondents
said their holiday gift-buying this year will include ‘experience’
gifts — such as for restaurants, cooking classes, travel, concert
and theater tickets. In addition, 36 percent of respondents
said they will spend more money on ‘experience’ gifts this year
than last year, with another six in 10 (58 percent) saying
they plan to spend the same amount.
“Winning over the consumer will require providing active, rather
than passive, shopping inspiration,” said Standish. “For instance,
by proactively offering gift recommendations for that special
person, retailers can influence purchasing before consumers check
out Amazon or other e-tailers. And while technology has altered the
retail experience for consumers and retailers alike, retailers must
not lose the human touch. Those that succeed will balance
human understanding and sensibility alongside digital prowess.”
“In addition, with the rising popularity of ‘experience’ gifts,
competition for wallet-share is shifting from rivals in the retail
industry to new competitors in other industries, such as travel.
This makes it even more imperative for retailers who want to grow —
or even just maintain — their share of wallet to enhance and
improve their customers’ shopping experience, whether through
improved technology or the addition of new services.”
Additional findings from the survey:
- Consumers remain
price-sensitive. Respondents were nearly twice as likely to say
they plan to buy gift items at individual stores to get the best
prices on each rather than buying them all in one place
(48 percent vs. 25 percent).
- In terms of delivery, consumers
prefer free over fast. Respondents were more than 10 times as
likely to say they’re willing to wait longer for their items to be
delivered for free than to pay an additional cost for immediate
delivery (53 percent vs. 5 percent).
- Gift cards remain popular. More
than two-thirds (71 percent) of respondents said they plan to
purchase gift cards this holiday season, spending an average of $42
on each gift card.
To view additional research findings on data security concerns
and interest in/adoption of new services and technologies launched
in early October, click here.
For an insight into some wildly varying shopper expectations
across 15 U.S. metros, click here.
About the survey
The Accenture Holiday Shopping Survey offers insights into
consumer buying patterns during the holiday time period, providing
an indication of retail performance expectations both on the high
street and online at a key time for the sector. For this year’s
study, [Coleman Parkes Research, on behalf of Accenture] surveyed a
representative sample of 1,500 U.S. consumers online in September
2017. Respondents were split evenly between Generation Zers (aged
18-20), younger millennials (21-27), older millennials (28-37),
Generation Xers (38-54) and Baby Boomers (55 and older).
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With more than 425,000
people serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us
at www.accenture.com.
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AccentureAleks Vujanic, +44 7500 974
814aleks.vujanic@accenture.com
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