Younger consumers plan to spend more in the holiday season this year, according to an Accenture study, but they will be on the hunt for bargains. The hunt will be pursued heavily online, Accenture noted.
The 10th annual Accenture Holiday Shopping Survey indicated that a minority of consumers plans to spend more this year on the holidays, with 44% relating plans to do so, but it also demonstrated that the Millennial generation has the greater purchasing enthusiasm for the season. About 61% of 18 to 24 year olds said they would spend more this year on the holidays, as did 54% of 25 to 34 year olds.
Top shopping days, according to the Accenture study, will be Black Friday, with 65% participation, Cyber Monday, with 57% participation, and Thanksgiving, with 47% participation. Although Thanksgiving shopping is an issue with some consumers, whether or not stores are open may not be all that relevant, as 72% of consumers plan to shop that day online. As for Black Friday, 64% of those shopping plan to do so online.
Consumers will go out of their way for bargains, the Accenture study suggested, with 67% of study participants saying they would purchase items from stores or websites other than their usual destinations to get the lowest price. In addition, 72% said they would be enticed by promotions or coupons to shop at a store they have not tried in the past year.
Half of consumers plan to do the majority of their shopping online versus 43% who intend to mostly purchase in stores, according to the study.