Consumers plan to spend an average of $870 per person on all holiday-related purchases.
The retail industry will experience a pent-up demand for in-person shopping and experiences after the hiatus brought on by the pandemic.
That’s according to JLL’s annual holiday survey which found that 58% of shoppers plan to shop in stores or do some form of shopping involving a physical store this holiday. Thirty-four percent will buy online and pick-up in-store and 22.6% will take advantage of curbside pickup.
The study also revealed that consumers plan to spend 25.4% more this year, an average of $870 per person on all holiday-related purchases, compared to an average of $694 in 2020, with this year’s spending nearing 2019’s pre-pandemic average budget of $874.
“Revenge shopping from the pandemic feels personal this year, too, with consumers ready to treat themselves this holiday season,” said Naveen Jaggi, president of retail advisory services, JLL, Americas. “JLL’s holiday survey results show more than 70% of shoppers plan to self-gift this year, with clothing and shoes taking the top categories as consumer wardrobes continue to evolve as workplaces reopen and vacations are booked.”
The top six retailers that consumers plan to shop this holiday are:
Macy’s (10.2%); and
Kohl’s (9.5%) and
Best Buy (9.4%).
Additional findings from the JLL report are below.
• More than 50% of shoppers will start shopping before Thanksgiving, compared to 43.2% last year, while another 36.3% will start two to four weeks before Christmas. Then, a small number of shoppers – roughly 4% – will wait until the week before Christmas.
• More than half of shoppers will shop deals on Black Friday and Cyber Monday.
• The top priority for holiday shoppers this year is still saving money (34.4%). And because affordable goods are top of mind for many, 90% of consumers will shop at a mass merchandiser, 73% will shop at an online retailer like Amazon or eBay, and nearly 30% will shop at a department store.