KPMG: Millennials to drive increase in online holiday shopping; Cyber Monday favored
Retailers should expect a busy Cyber Monday.
Almost one-third (31%) of consumers are expected to shop on Cyber Monday this year, up 4% from last year. That’s according to a KPMG 2018 holiday shopping season survey of over 1,000 consumers. In other shopping trends, Black Friday shopping is expected to stay constant with the previous year at 44%, while Thanksgiving Day shopping is expected to decrease to 9% from 10% the year before.
The study found that 15% of consumers plan to spend more money this holiday season versus last year, with one-third of them doing so online. Higher income households, as well as Millennials, also indicated that they are adopting online shopping faster than lower income households as they rapidly turn to online and mobile technologies to take advantage of holiday deals.
"As more consumers turn to online shopping this holiday season, retailers are expected to escalate their efforts to deliver seamless and personalized customer experiences, both online and in-store," said Mark Larson, national leader of KPMG's Consumer & Retail practice. "Consumers expect a convenient and consistent transaction experience, which is customized to their needs, while also protecting the privacy of their information.”
In other findings:
• Of those planning to shop on Black Friday, 74% indicated that they plan to shop both online and in-store on that day, versus 68% from last year.
• Those shopping just in-store on Black Friday are expected to decrease to 12% from 17% the year before.
• Eleven percent of Millennial respondents expect to spend more on just online purchases during the 2018 holiday season, compared to 7% of non-Millennials.
• Sixteen percent of Millennials and non-Millennials expect to spend more, both in-store and online, during this holiday season versus last year.