A study from market research firm Market Track suggested that a lot of holiday shopping would be completed earlier this year.
The study indicated that, almost half of shoppers in the U.S. will have completed most holiday shopping by Thanksgiving. The good news is, 21% of shoppers plan to spend more this year while only 12% plan to spend less, with the majority staying on an even spending keel.
In a nationwide survey of 1,000 consumers, 27% of the respondents said they plan to do the bulk of their holiday shopping before the calendar even hits November, a result that is up eight percentage points from 2015, Market Track reported. Competitive pricing throughout the season combined with promotional shopping events have trained consumers to shop earlier, so 49% of the buying public plans to do the majority of their holiday shopping before Thanksgiving.
Among consumers who intend to wait until after Thanksgiving to do the bulk of their holiday purchasing, 52% intend to shop online on Black Friday, while 61% said they would wait until Cyber Monday. Respondents to the study overwhelmingly identified Amazon as their top online shopping destination and where they plan to allocate a majority of their online budget for holiday this year.
The survey results pointed to digital interactions influencing 66% of shoppers on their in-store purchases. Regardless of when consumers are shopping, 73% of shoppers plan on researching prices online ahead of shopping in-store this season.
“Beating other retailers to the punch by taking demand out of the market early is nothing new,” said Traci Gregorski, svp/marketing at Market Track. “Look for early digital sales to kick off the season in earnest with compelling deals in October to entice consumers to shop early. In addition, there will be heightened competition for online shoppers with significant online discounting extending to the Saturday before Christmas. Last year we saw discounts on many hot holiday items at 40% below the Black Friday sale price toward the end of the season.”