This holiday season, about 15% of consumers plan to spend more money than they did last year, according to a KPMG holiday shopping survey.
Other survey results for the just-begun holiday season versus the period in 2017 include:
- A four percentage point rise in the proportion of consumers shopping Cyber Monday, to 31%.
- No change in the proportion of consumers shopping Black Friday, which stands at 44%.
- A one-point decrease in consumers shopping on Thanksgiving Day to 9%.
Of those consumers planning to shop on Black Friday, 74% told KPMG that they plan to shop both online and in-store on that day, up from 68% from last year. The proportion of in-store only Black Friday shoppers should decrease to 12% from 17% on the year-before date.
In terms of spending, 31% of 2018 holiday season shoppers expect to spend between $1 and $250, same as last year; 33% expect to spend between $251 and $500, up from 32% last year; 19% expect to spend between $501 and $750, same as last year; and 9% expect to spend between $751 and $1,000, up from 8% last year. The proportion of consumers planning to spend $1,001 or more for the holiday season will remain at 9% year over year.
Millennials don’t differ from other age groups in terms of overall seasonal spend, KPMG reported, but they plan to spend more online. For the holidays, 11% of Millennial respondents expect to spend more just online versus 7% of non-Millennials. At the same time, 16% of Millennials and non-Millennials expect to spend more, both in-store and online, during this holiday season as compared to the 2017 period.