A delayed start to the shopping season is causing consumers to postpone their holiday purchases until Thanksgiving weekend, according to the 2014 Holiday Purchase Intentions Survey from global information company The NPD Group.
At the time this study was fielded, 16% of consumers had already started their holiday shopping, versus 15% last year, with an additional 19% stating they plan to start shopping before Thanksgiving, compared to 22% last year.However, 18% claim they will start during Thanksgiving weekend, a sharp contrast to last year’s 13%. Among the consumers reporting that they will begin their shopping during Thanksgiving weekend, 12% plan to shop on Black Friday, while the remaining 6% plan to do their shopping on Saturday and/or Sunday.
“Consumers are anticipating the Thanksgiving weekend door-buster deals and other savings incentives, and as a result of their proven interest in special sales and deals, retailers last year began to open on Thanksgiving Day, with more stores jumping on this new tradition this year,” said Marshal Cohen, chief industry analyst, The NPD Group. “However, it’s important to keep in mind that this doesn’t mean more sales at the register. After all, how many more family members and friends do consumers need to shop for just because the stores decided to open earlier? How much more money do they have in their holiday budget because the stores started promoting earlier? This year we’ll see more shopping happening in the Thanksgiving zone, a deeper lull following, and finally a mad dash at the end for the last-minute shoppers.”
The holiday forecast is bright for online retailers. Nearly 60% of consumers plan to do at least some of their holiday shopping online this year, making online the leading channel for holiday shopping. Women are more likely than men to shop online as are those with children in the household.
Online is leading the way for consumers through all phases of their purchases, from pre-shopping homework to the checkout counter. Two-thirds of those who do pre-purchase research claim that they will utilize online research to learn more about products before making a holiday purchase, topping consumer reviews and television ads, among others. In addition to special sale prices and overall value, consumers list convenience and free shipping as top purchase drivers, tying into the online appeal.
“Online has truly become the place for consumers to start and finish their holiday shopping. Last year we saw a mad dash at the end, with many consumers disappointed because gifts were delayed due to so much last minute online shopping. Hopefully stores and shippers learned from that mistake, and will be more prepared for the even bigger crush to come closer to the holidays this year,” said Cohen. “Until retailers drive the consumers back into the stores, online will continue to grow at a faster pace than traditional store shopping. The convenience and bargains offered online are too plentiful for the consumer to pass up.”