Report: Shoppers Ready to Spend This Holiday Weekend
As the clock ticks down to the official kick-off the holiday shopping season, data from Deloitte’s 2019 pre-Thanksgiving pulse survey showed most shoppers are planning to spend over the upcoming weekend.
Researchers at the firm said in their report that during the Thanksgiving to Cyber Monday period, 79 percent of consumers polled “said they plan to do their holiday shopping over the Thanksgiving period” and noted that the average expenditures during the period was $415 per household.
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By channel, online spending take the lion’s share this weekend with an average expenditure of $234 per household.
The report also revealed that 87 percent of respondents plan on spending in stores while 94 percent said they were shopping online this weekend. On Black Friday itself, 70 percent planned on shopping in a physical store while 54 percent were going to shop online.
On Cyber Monday, 73 percent of respondents said they were planning to shop in a store. And Cyber Monday is “likely to be the busiest online shopping day and accounts for over 40 percent of online spend [for the weekend],” authors of the report said.
The researchers also noted that 39 percent of consumers at the time the poll was conducted between Oct. 31 through Nov. 5 had not yet done their holiday shopping.
In regard to spending trends, 91 percent of consumers polled said they were planning to spend the same or more as compared to the polling two months ago.
In regard to categories, Deloitte said apparel, electronics and toys will be the key segments this weekend.
The authors of the report also said 24 percent of Thanksgiving period shoppers “will be into travel/dining — socializing away from home [e.g., travel, hotels, restaurants]” during the holiday weekend.
Lastly, the firm said “mass merchants are likely to be the most preferred venue, followed by online retailers.”