As the holiday season is drawing closer, Americans are starting to shop and spend more on gifts for family, friends, co-workers and yes, themselves too.
How do you think you compare in this shopping craze? This holiday season, the US spendings are forecast to see another increase in retail sales. Where do people in the US shop, how do they pay and when they start shopping more extensively for the holiday season?
Here’s everything you need to know about America’s holiday shopping behavior!
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When do Americans start with their holiday shopping?
Over half of all consumers are planning to start their shopping early this year. Almost 41% already planned to go on a shopping spree in October or earlier.
Why are Americans already starting to shop so early?
More than 63% of the early shoppers are trying to spread out their budget. Avoiding the crowds and the stress of last minute shopping is an additional priority of 49% of all early shoppers. Another 40% of shoppers will start shopping for the holidays in November, whereas 18% of consumers will be last-minute shoppers who will only get going in December. Especially Millennials will wait for the best deals for their gifts. Nearly 6 in 10 American shopped at the Thanksgiving weekend with a notable increase on Black Friday and Cyber Monday, when strong deals and promotions encourage shoppers additionally.
How much do Americans plan to spend these holidays?
During the whole holiday shopping season, customers will expend $935.58 on average on gifts for others as well as for themselves. This is mainly spent on food, books, accessories, decorations, greeting cards and flowers. 58% of buyers plan to purchase for themselves, spending on average $139.61. Only 14% of all Americans are big spenders, spending between $1,000-$1,999 across the season. Almost half of the population will spend between $250 to $999. The average spending in November was $98 per day, with lower- and middle-income Americans specifically increasing their spending.
How does that relate to the previous year?
A solid 3.6% increase to $655.8 billion in retail sales in November and December is expected over the previous year. Online sales are forecast to gain between 7 and 10 percent over last year to $117 billion. There will be between 640,000 to 690,000 seasonal workers needed in retail this holiday season, which is close to last years 675,300 additional holiday positions. The average planned spending in 2016 is second to the record total spending in 2015, which lay at $952.58. The holiday spending in November 2015 was $92 per day.
What shops do Americans frequent most this holiday season?
There are three major locations where buyers will shop this holiday season: department stores (57%), online (57%) and discount stores (56%). Another 45% is planning to shop at grocery stores and supermarkets whereas 34% will purchase at clothing stores, 27% at electronics stores and 23% at local small businesses. Another 10% of shoppers will visit outlet stores. In particular online shoppers will take advantage of free shipping, pick up in store or ship-to-store options. 27% will opt for expedited shipping or same-day delivery.
How do Americans pay for their holiday shopping and do they track their spendings?
Credit or debit cards are the most used payment method by almost 40%, with another 56% planning to use Paypal. Overall, 37% of consumers simply spend what they want and do not track their holiday spending. 63% of shoppers cut back on other expenses or specifically save money for holiday gifts.