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|Discover Annual Holiday Survey Finds Consumer Spending Intentions to Be Bright|
Seven out of 10 Consumers Plan to Shop on Black Friday and Cyber Monday This Year
In addition to the positive spending shift, consumers are also shifting how they plan to shop, as evidenced by the growing role of technology. The vast majority of consumers, 84 percent, say they will shop both in-store and online, up from 60 percent in 2012. In addition, 51 percent plan to use a smartphone app to compare prices and 31 percent say they would use a mobile wallet for their purchases.
2013 Holiday Shopping Figures: Consumers Are Geared Up to Spend
This holiday season, Americans plan to spend an average of
More than half, 52 percent, have a budget for the holiday season. Women with a budget slightly increased in number from last year, 55 percent compared to 53 percent, while men with a budget slightly decreased, at 48 percent compared to 50 percent.
Thirty-one percent of consumers plan to spend between
Key Spending Drivers
As consumers consider the factors most likely to influence their holiday spending, retailer’s sales and promotions take the lead, followed by household expenses and existing debt obligations:
Americans plan to spend more at restaurants than on apparel this holiday
shopping season. Exactly half of consumers plan to spend between
Cash remains the respondents’ favorite way to pay for their purchases; 55 percent plan to use cash to make their holiday purchases, while 29 percent plan to use credit. Of those who will use credit, 40 percent will use their accumulated credit card rewards to supplement their shopping.
Customer service is also a driving force for holiday purchases in 2013, as 49 percent of Americans say a bad customer service experience will affect their decision to shop with a particular retailer again.
Black Friday and Cyber Monday: A Matter of Preference
The majority of shoppers, 70 percent, plan to take advantage of Black Friday or Cyber Monday deals, comprised of 40 percent of shoppers planning to brave the crowds on Black Friday and 30 percent planning to go online for Cyber Monday. Additionally, one-third of shoppers will do a majority of their shopping on one of these days.
Consumers are not likely to go into Black Friday and/or Cyber Monday blind, as 76 percent of consumers plan to research the deals ahead of time. While scouting the sales, consumers will employ a range of tactics including researching newspapers and online news sites, 42 percent; retailers’ websites/promotional emails, 33 percent; social media, 8 percent; and TV/radio, 8 percent.
Americans prefer Black Friday because they say the shopping holiday offers better sales, at 41 percent. Additional factors influence shoppers’ willingness to face the crowds, including 21 percent preferring to see items in-store, and 20 percent upholding family tradition.
Convenience is king for Cyber Monday shoppers as 63 percent say they appreciate the ease of online shopping. Nearly a quarter, 24 percent, say they find better sales, and 11 percent prefer the ability to easily compare prices.
No matter consumers’ preference between the two big shopping events, shoppers top purchases will be electronics, clothing, toys and jewelry:
About the Discover Annual
The Discover Annual