Survey: In-store shopping remains key for holiday consumers
Most consumers plan to shop in-store this holiday shopping, with even digitally-native Gen Z planning on doing so.
Nearly seven-in-10 (68%) U.S. consumers plan to do their holiday shopping at physical stores this year, according to EY Americas’ new Holiday Shopping Survey. Gen X shoppers plan to shop in-store at a higher rate (72%), while even Gen Z shoppers plan to do so more, with 63% noting they will shop in-store compared to 50% who say they will shop online.
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Online shopping is still considered a main purchasing method, with 58% of shoppers using online retailers to purchase holiday gifts. This tracks with EY-Parthenon predictions around online shopping, with e-commerce expected to account for around 20% of holiday purchases.
Social media platforms are also on the rise and are expected to become a significant sales channel this holiday season. According to the survey, 24% of U.S. consumers plan to make purchases via shoppable social media.
EY’s survey also found that price remains the key factor when it comes to when and how consumers will shop this holiday season. Almost half (47%) of shoppers note that price is the most important attribute when deciding which retailer to purchase from. However, 52% noted their willingness to pay full price for important gifts if needed.
Other key attributes when deciding on a retailer included product availability (27%) and lower shipping costs (26%). When it comes to what consumers plan to purchase this season on sale, 59% plan to buy clothing/accessories and 61% plan to buy technology/electronics.
More than four-in-10 (41%) respondents say they won’t begin shopping for the holidays until November or December, which EY says is partly because 62% of respondents find that desired items on their list often aren’t included in sales.
“Consumers are feeling increased skepticism when it comes to making purchases,” said Mark Chambers, EY Americas retail sector leader. “At the same time, retailers are under pressure to compete more aggressively, with less time and fewer dollars available. The retailers that will come out ahead are the ones that have a solid understanding of how their customer segments are behaving, and how they are making purchasing decisions, and then tailoring their strategies accordingly.”
