The holiday shopping season is well underway and retailers are eager to know exactly how much consumers can be talked into spending this year. Discover Financial Services is one of several enterprises that studies this topic and the firm has just released the 2013 Discover Holiday Shopping Survey. The consumers surveyed by Discover are feeling extremely positive and told pollsters they’re planning to significantly boost spending this year.
The number of consumers who will spend between $500 and $5,000 has jumped from 40% to 50%. The average budget for holiday giving is about $1,014. To keep a rein on spending, about 52% of women and 48% of men plan their budgets. Consumers will be mindful of household expenses (27%) and current debts (14%) while they’re out shopping. But 44% admit they’ll be swayed by sales and promotions.
Multichannel shopping will be the norm this year with 84% of consumers visiting both traditional and online retailers. About 51% will turn to smartphone apps for price comparisons.
This will be especially true on 2 giant shopping days: Black Friday and Cyber Monday. Black Friday outings are a family tradition for 20% of shoppers and 41% believe they’ll score the best deals on that day. Even if they’re stuffed with turkey from the previous day’s feast, shoppers will be visiting restaurants on Black Friday and during other buying excursions. Eating-out expenditures for most shoppers during the season will range from $100-$500.
Before consumers hit the stores and restaurants on Black Friday, they'll be engaging in plenty of research using the following sources:
- Newspapers/online news sites 42%
- Retailer websites/emails 33%
- Social media 8%
- TV/radio 8%
For Cyber Monday, the shopping is all about convenience. By the time that day rolls around, consumers are tired of trucking through malls and 11% say online shopping is superior for price comparison.
To learn more about Black Friday Shoppers, check out the Audience Interests & Intent Report available at the Research Store on ad-ology.com.