JLL: Big chunk of holiday spending still up for grabs
Consumers still have a lot of holiday shopping left to do — and that bodes well for brick-and-mortar stores.
According to JLL Research findings, 29.5% of consumers still have half of their holiday shopping left to do this holiday season. Out of all the generations surveyed, millennials were the ones with the largest number of respondents who indicated they still had half their shopping left. Of the millennials surveyed, 36.8% of younger millennials (18-24) said they still had half of their shopping left compared to 35.9% of older millennials (25-34) who said the same.
“By using the results of those who indicated that they still had holiday shopping left to do and the Deloitte Holiday Survey retail sales estimate of $1.1 trillion, we determined that spending for the rest of the holiday season should fall between $250.9 billion and $357.9 billion,” said James Cook, head of retail research, JLL. “That is a big chunk that is still up for grabs in the last full week before Christmas. As we’ve passed many dates for guaranteed Christmas delivery online, we anticipate that brick-and-mortar locations will see the majority of this potential ‘last-minute’ spend.”
Looked at by region, the data revealed that shoppers in the Western region were the most efficient, with 41.7% indicating that they’ve completed all of their holiday shopping. The Northeast region had the fewest number of shoppers who completed their holiday shopping with 33.3% indicating they still had more than half of their holiday shopping left to do.
When it comes to differences between the genders, 31.3% of men indicated that they still had half of their holiday shopping left to do compared to 29.4% of women who said the same. Interestingly, more men than women indicated that they had already completed all of their holiday shopping.