Shoppers will spend half their holiday budget during Thanksgiving sales
Washington, D.C. — More than 60% of consumers will start holiday shopping on Black Friday and most will spend more than 50% of their holiday budget over the Thanksgiving weekend, according to research by the Georgetown Institute for Consumer Research, sponsored by KPMG.
"This data confirms that new trends continue to change the holiday shopping experience for both consumers and retailers. Black Friday and Cyber Monday have become as much a part of the Thanksgiving holiday as watching football and eating leftovers," said Alton Adams, advisory principal with KPMG LLP. "The intensity of Thanksgiving Day and Black Friday shopping, coupled with a rise in mobile and online sales, will force retailers to be prepared for the holiday weekend with a strategic multi-channel approach to seamlessly meet the needs of the customer."
Most consumers (63%) said they will use a combination of online shopping and in-store shopping to complete their list, and more than 40% said they would start shopping before noon. Just 6.2% said they absolutely would not shop on Black Friday and Cyber Monday.
Other insights included what consumers plan to purchase, both as gifts and for themselves. The survey found that the only item people are planning to buy more for themselves, rather than others, is electronics. The vast majority (80%) said their overall holiday spending this year would either be the same or less, as compared to 2012.
Stein Mart swings to profit in Q3
Jacksonville, Fla. — Stein Mart reported a return to profit in the third quarter, recording net income of $28,000 for the period ended Nov. 2, compared with a loss of $1.7 million last year. Results matched Wall Street expectations.
Revenue climbed 6% to $290.5 million from $273.7 million, topping Wall Street’s estimate of $287.9 million. Same-store sales rose 4.8%.
Bon-Ton posts smaller-than-expected loss in third quarter
New York — Bon-Ton Stores narrowed its loss in the third quarter to $931,000, compared with a loss of $10.1 million in the year-ago period.
Revenue dipped 3% to $651.2 million from $668.7 million, narrowly missing analysts’ expected $671.2 million in revenue.
Same-store sales fell 2.8%.