Shoppers have wasted no time in getting started with their holiday purchases this year, according to a new survey.
The National Retail Federation’s Consumer Holiday Spending Survey shows that 56.6% of those celebrating the holidays had already started shopping by early November, up from 54.4% last year and 16% from the 49% who had started by this time in 2008, the first time NRF asked the question. This also marks the highest percentage seen in that timeframe.
“Thanksgiving weekend shopping has evolved tremendously over the past few years and can no longer be seen as the ‘start’ of the holiday season, though there’s no question it’s still important to millions of holiday shoppers and retailers of all shapes and sizes,” said NRF president and CEO Matthew Shay. “There is a real sea change happening in retail when it comes to the how, when, where, and why of holiday shopping. Consumers today are looking for great prices and value-add promotions earlier than ever before, and retailers have answered these demands in several different ways already this holiday season.”
When breaking out the amount of shopping that’s been done by age group, 25-44 year olds have gotten out of the gates early. Specifically, 64.9% of 25-34 year olds and 62.1% of 35-44 year olds say they have already started shopping. Additionally, nearly six in 10 (58.4%) women have already started checking off their holiday lists, compared to 54.6% of men.
“While there are many ‘Type A’ holiday shoppers who love to get an early start on their wish lists, it’s also likely some of the early shopping we’ve seen has been in the form of ‘self-gifting,’ and there’s no question millennials love treating themselves to something when the price is right,” said Prosper’s Pam Goodfellow. “And, with Thanksgiving, Black Friday and Cyber Monday still to come, holiday shoppers of all ages are still in for a treat when it comes to unbeatable promotions.”
When it comes to what types of gifts people are planning to buy this holiday season, six in 10 (60.3%) will purchase apparel or clothing accessories. Another 46.2% said they will purchase books, CDs, DVDs and/or video games, and 41.2% said they will buy toys. One in five will buy jewelry (21.8%) and 30.5% will buy food and/or candy. Interestingly, 56.3% say they will buy gift cards, down from 60% last year, even though gift cards remain the most requested gift item among holiday shoppers.
When it comes to how shoppers “grade” retailers’ promotions seen so far this holiday season, 40.1% rank them as excellent or good, while another 34.8% rank them as average. Millennials are much more positive when it comes to retailers’ promotions: 58.9% of 18-24 year olds and 54.5% of 25-34 year olds agree retailers’ deals have either been excellent or good.
Traditional methods of advertising still resonate with consumers when it comes to sparking ideas for holiday gifts, however online searches and social media also serve as preferred inspiration channels for shoppers. According to the survey, 46.9% will use an online search to find their gifts, and more 35.4% of those surveyed will look for inspiration for holiday gifts through advertising circulars. Additionally, 30% will look to catalogs and 31% will use TV ads for inspiration. When it comes to social media, Facebook is the most likely place shoppers would look for inspiration (13%), though Pinterest will also be a key location for holiday shoppers (8.8%).
Holiday shoppers will likely use their debit card the most when paying for gifts this year (39%), similar to last year’s 38.4%, and another 38.2% will use their credit card, the same as last year. One in five (20.2%) will pay for gifts with cash and 2.5% will use a check. NRF also asked about shoppers’ planned use of PayPal in addition to traditional spending methods, and 55.1% of those surveyed say they will or may use PayPal to pay for holiday gifts.
“That said, many of the season’s best deals are yet to come, meaning there’s still plenty of shopping to be done over Thanksgiving weekend and in December when shipping promotions begin to ramp up. I expect we’ll see shifts all season long as it relates to shopping patterns,” Shay said.