Survey: Holiday shoppers expect deeper discounts

Los Angeles – Almost seven-in-10 (66%) shoppers feel retailers will offer better prices and discounts this year due to the current state of the economy. The new Winter Holiday Shopping Survey from PriceGrabber also shows that 21% of holiday shoppers said they started saving money before June, while the majority of survey respondents plan to start shopping for the holidays in October and November.

Consumers are aiming to maintain similar holiday budgets as they had last year, with 52% of survey respondents planning to spend about the same amount on their holiday purchases as they did in 2012. Of the 25% of shoppers who aim to reduce their holiday budget this year, 45% said they would spend less because of an increase in prices on basic necessities; 42% are making less money this year; 28% said it was acceptable to spend less on gifts because of the economy, and 11% accounted for unemployment.

On the other hand, 23% said they plan to spend more on holiday shopping this year, up by 11%age points from 2012. According to the survey, the driving reason for shoppers who plan to increase their budget is that they believe retailers will offer better prices, discounts and special deals on gifts this year. It is noteworthy to mention that 35% of shoppers who plan to spend more are doing so because they are making more money this year, and 22% said they are confident in the economy.

When Hanukkah shoppers were asked how the holiday falling during Thanksgiving will affect their shopping plans, 31% said they will choose to buy a few gifts prior to the holiday and then take advantage of deals after Thanksgiving. Twenty-five percent said they will be done shopping very early, and 9% of Hanukkah shoppers said they will wait to buy all of their presents until after the first day of Hanukkah and the Thanksgiving holiday. When Hanukkah shoppers were asked their strategy for finding deals for Hanukkah shopping, 50% said they will look for retailers running early sales.

"Our survey found that the current state of the economy continues to lurk in the minds of consumers, and shoppers expect deeper discounts this holiday season," said Rojeh Avanesian, senior VP of marketing and sales of PriceGrabber. "The U.S. fiscal concerns could play a pivotal role in consumer confidence in the economy. Retailers will need to adapt and be sensitive to consumer sentiment to maintain customer loyalty."

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