New York City -- Despite concerns about the economy and rising household expenses, nearly three out of five (59%) of consumers will put aside economic worries and spend the same or more this holiday season, according to Deloitte’s 26th annual survey of holiday spending intentions and trends. While this is a slight decline from 2010, it represents an eight percentage point increase from 2009.
“Lackluster employment growth, debt crises and stock market fluctuations have battered consumer confidence while inflation left many with lighter wallets this fall,” said Alison Paul, vice chairman and U.S. retail & distribution leader, Deloitte LLP. “Consumers will be conservative this holiday season, but remain resilient and maintain a more positive interest in holiday shopping than we witnessed during the recession.”
Among holiday shopping destinations, the Internet and discount stores are at the top of the list, with 48%) of consumers planning to shop these two destinations for holiday gifts. While online interest climbed, discounters slid 10 percentage points from the 2010.
More than one-quarter (27%) of smartphone owners plan to use their devices for holiday shopping to search for store locations (67%), compare prices (59%) and check product availability (46%). Additionally, 44% plan to use social media to seek discounts, read reviews and check family and friends’ gift lists.
“Consumers are using online and mobile platforms to make the most of their holiday budgets, and the survey indicates that they will do more than just compare prices,” said Paul. “Retailers that use mobile and online channels to show product availability, locations and pricing but add customized promotions and gift ideas may encourage shoppers to come in the door for a specific gift and take additional items to the register.”
In other survey findings:
For more on the survey, go to deloitte.com/us/2011HolidaySurvey.