As businesses of all sizes ramp up for the holiday shopping season, it seems like consumer confidence may be stronger than expected. Through all of the obstacles and uncertainty of the last year and a half, businesses everywhere are finally looking to break out. In a recently performed survey, Deloitte has attempted to get a clear handle on just what the next several weeks could look like. This is the 36th year the survey has been done and the following is taken directly from that published research where they spoke with over four thousand consumers and thirty retail executives.
- Average holiday spend increased to $1,463, up 5% YoY, aided by a return to experiences. High-income households are driving the uptick in holiday spend while lower-income households continue to struggle.
- In-store shopping regains some lost ground, but digital adoption is now a holiday habit. Consumers continue to seek out conveniences, with 73% choosing standard delivery, and BOPIS and curbside pickup exceeding prepandemic levels.
- Shipping delays and stockout concerns are prevalent, with 64% of retail executives worried about not receiving inventory on time and 75% of shoppers concerned about stockouts.
- Getting a great deal is a top driver for 60% of consumers but bargains may be hard to find with 5 in 10 retail executives expecting prices to increase this holiday season. Almost 7 in 10 consumers hold the same expectation.
-Written by Kevin Sawyer