Traditionally, the beginning of the holiday shopping season begins on Black Friday, the day after Thanksgiving. But many Americans are getting a jump-start on shopping this month and even earlier. Where are people doing their holiday shopping this year? And can stores expect to see shoppers willing to spend, or does the economy still have many people cutting their budgets?
When to Shop
In Ask Your Target Market’s latest survey, 82.3% of respondents said they buy gifts for friends and family over the holidays. Of these respondents, only 14.6% said they begin their holiday shopping on Black Friday. 25.5% begin earlier in November, 14.9% begin in October, 16.4% begin in September or earlier, 22.2% wait until December, and 6.4% really hold out until the last minute.
Where to Shop
Though online shopping has become more and more popular, 83.3% still do shop in retail stores over the holidays. 67.8% also shop online, and 14% shop in a different setting.
As far as gift types, clothing/shoes/accessories leads the pack with 68.7% of respondents, though other categories were not far behind. 63.5% plan to buy gift cards, 62.3% plan to buy books and movies, 53.2% plan to buy toys, 50.2% plan to buy electronics, and 48.6% plan to buy home items.
How Much to Shop
And it looks like retailers shouldn’t expect a huge jump in profits this season, as 40.1% of respondents said they plan to spend less money shopping this year than they did last year. Only 14% said they plan to spend more this year, and 38.9% plan to spend the same amount.
Whether they’re spending more or less, many Americans are already stocking up on presents for their loved ones. Will Americans continue to cut back on unnecessary holiday spending?