When it comes to deciding where to shop for holiday gifts, pricing is king.
Seventy-seven percent of consumers said pricing is a top consideration when choosing where to do their holiday shopping, according to a survey by Revionics. Seventy-percent of survey respondents said they will actively seek promotions and coupons when holiday shopping, and 45% said that discounts will be one of the most important factors in deciding where to shop.
In a surprising finding, Revionics’ “Holiday Report: 2020 Pricing and Shopping Trends” found that the number of respondents who shopped Black Friday sales in person last year compared to the number who plan to this year has barely changed. And in regard to the entire holiday shopping season, 56% of survey respondents said they still plan to shop in store this year. Only 14% of consumers said they will not do any kind of in-person holiday shopping.
With more time and less money, consumers are shopping smarter and earlier for the holidays by looking for the best prices, expecting more promotions and extending the shopping season, according to the report. Seventy-four percent of respondents in said they plan to compare prices while shopping online; 69% plan to compare prices while shopping in person. Forty-five percent of consumers said they have more free time to shop this year, and 35% say they will use that extra time look for better deals and discounts.
In addition, 46% of shoppers plan to start their holiday shopping before the weekend of Black Friday and Cyber Monday.
“Pricing will be key this holiday season as consumers search for the best prices during this extended holiday season,” said Steve Leven, COO, Revionics, an Aptos Company. “To stay ahead of competitors and drive sales, retailers will need to determine the most effective promotional strategy across every channel, both online and in store. They must also start promotions and markdowns now while demand is up, keeping up with competitor price changes and evolving market trends to win over consumers.”
Fifty-six percent of respondents plan to spend the same amount of money holiday shopping this year as last, despite 29% of respondents saying their personal finances have decreased since the beginning of COVID-19.
Other survey findings are below.
• Thirty-percent of respondents said they plan to spend more money online than last year through the holiday season.
• Sixty-three percent of shoppers plan to utilize buy online pickup in store or curbside services, and 40% of consumers said that access to those services are top considerations in choosing where to do their holiday shopping.