KPMG: Cyber-security fears will affect holiday shopping

New York — More than half of consumers are either unsure or not confident at all in the security of their personal information when shopping both in-store (58%) and online (63%), which could impact holiday shopping, according to a new survey by KPMG. Twenty-seven percent of of respondents indicate they will only shop at a store that previously experienced a cyberattack if they cannot find the product elsewhere, with 8% refusing to shop at these stores all together.



“Retail executives need to first and foremost protect the brand and ensure that cyber security is prioritized based on the evolving threats of today and the risk of the company,” said Tony Buffomante, partner and retail cyber security lead at KPMG. “Cyber-security isn’t just a retailer’s IT department issue anymore – it has become a board room issue.”



According to the survey, consumer holiday spending overall is expected to be relatively flat, with approximately two-thirds of U.S. consumers planning to spend about the same as they did last year, with the remaining one-third split fairly evenly between those who expect to spend more (15%) and those spending less (18%).



As to how they will purchase, 65% expressed that they will do so in-store, while 51% said online. Eighty-eight percent of the respondents who identified they will be shopping online this holiday season will do so from home.