ARMONK, N.Y., Oct. 21, 2021
/PRNewswire/ -- According to the findings of a new global
consumer study released by IBM's (NYSE: IBM) Institute
for Business Value (IBV), respondents are feeling slightly more
festive for the 2021 holiday season than they were in 2020, and are
reporting higher household budget allocation for travel and local
activities. However, the survey suggests COVID-19 pandemic-related
concerns are hindering the return of the traditional shopping
season
The global survey* of more than 13,000 adult respondents
found that while rising vaccination rates have eased
restrictions in many places, many people are still carefully
considering the safety of socializing, shopping, and traveling,
with many global respondents continuing to make choices from a
place of caution.
Almost three in four respondents said they're concerned about
new variants of COVID-19, three in five said they're concerned
about interacting with unvaccinated people outside of their
families and more than half of those surveyed said they are worried
about spending time with unvaccinated family and friends. Holiday
shopping budgets are still 13% lower than they were in 2019;
however, they did increase 30% year-over-year, and 87% of surveyed
consumers say they may shop for the holidays this year, up six
points compared to 2020.
"The most effective industry leaders may be the ones who can
meet the customer where, when and how they want," said Jonathan Wright, Managing Partner & Global
VP for Supply Chain Consulting, IBM Consulting. "Based on the
survey findings, consumer respondents may continue to demand safety
requirements for in-person activities, as well as modern-day
fulfillment models such as contactless pick-up, same-day delivery;
ship-from-store; buy online, pick up in-store, etc. Deploying
artificial intelligence, intelligent automation and analytics
across an enterprise can build a more adaptable business that can
rapidly respond, pivot, and scale up or down, which may be a
pivotal enabler when it comes to this holiday shopping season."
Noteworthy survey findings include:
An Earlier Start to the Holiday Shopping Season
Holiday shoppers are concerned about shortages, so to increase
their chance of getting everything on their wish lists, more than
one in four surveyed adults started shopping in September or
earlier. Twice as many people surveyed plan to start in October as
compared to last year and just under half of consumers surveyed
plan to jumpstart holiday shopping before November, weeks earlier
than the traditional "Black Friday" start date in the US.
Online Shopping Still Reigns
While there is notable demand for local products and merchants,
online shopping is likely to hold on to its leadership position
this holiday season for those surveyed. This statistic is
noteworthy when compared to February
2021 IBV data which found that 73% of surveyed shoppers
wanted and expected to return to shopping malls and shopping
centers after they were vaccinated. Instead, 43% of consumers
surveyed say they plan to buy products online and just 36% surveyed
say they plan to buy products in a physical store, citing the
increasing concern about new COVID-19 outbreaks and variants.
Holiday Travel &
Experiences/Activities could be on the Rebound for
2021
According to the survey, travel is predicted to account for a
larger portion of the holiday budgets overall for those
surveyed, rising to 8.2% from 5.7% in 2020. Though still lower
than it was in 2019, almost 40% of respondents said they plan to
travel to see family and friends over the holidays, up from 28%
last year. Travel budgets are also on the rebound, up 43% over
2020, with international lodging and air travel budgets growing
more than domestic air travel and lodging budgets for those
surveyed. Local outings and activities, as well as dining out,
may see the biggest lift in 2021 with consumers surveyed planning
to spend 30% more in this area than they did last
year.
Consumers Still Care About Sustainability
Environmentally friendly products may also have a leg up this
holiday season. Four in five consumers surveyed say they may
consider sustainability to some extent when they're shopping for
the holidays this year, which is consistent with last year's survey
results. This group plans to change their behavior by avoiding
single-use plastics, shopping locally and buying more products
locally or made locally.
*IBV Study Methodology
The IBM Institute for Business Value polled more than
13,000 adults across nine countries (Brazil, Canada, France, Germany, India, Mexico, Spain, the United
Kingdom, and the United
States), to better understand consumers' COVID-19
pandemic-related concerns and the impact on how people plan to
celebrate the holiday season - how it may affect their perspectives
on a number of issues, including retail spending, traveling
and future event attendance. The full study is available at:
https://www.ibm.com/thought-leadership/institute-business-value/report/2021-holiday-shopping-travel-outlook.
About IBM Institute for Business Value
The IBM Institute for Business Value (IBV) delivers trusted
business insights from our position at the intersection of
technology and business, combining experience from industry
thinkers, leading academics, and subject matter professionals with
global research and performance data. The IBV thought
leadership portfolio includes research deep dives,
benchmarking and performance comparisons, and data visualizations
that support business decision making across regions, industries
and technologies. Follow @IBMIBV on Twitter, and to receive the
latest insights by email, visit: www.ibm.com/ibv.
MEDIA CONTACT:
Tricia Vuiton
IBM Communications
tavuiton@us.ibm.com
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SOURCE IBM