Santa has yet to walk down 34th Street in Macy’s Thanksgiving Parade and the turkey has yet to be cut up, but nearly 50% of consumers say they have already started shopping for Christmas gifts due to shortage of stocks and rising prices.
In the 2021 Holiday Shopping Outlook study, a PYMNTS and Kount collaboration, researchers found that only 25% of consumers wait until Black Friday to start their holiday shopping and only 11% wait until Cyber ââMonday, with 48% doing so. purchases before Thanksgiving.
See the study: Holiday shopping outlook 2021: why convenience and personalization will be key
9% say they will wait until after Cyber ââMonday but before Christmas week to start shopping, while the more daring shoppers will get over it at the last minute, with 3% starting Christmas week.
For the most part, consumers plan to spend about the same amount on gifts this year as they did last year – 55% of all consumers, although 19% say they will spend more. Of those who only make vacation purchases online – which account for almost 15% of shoppers – a third plan to spend more and 45% plan to spend the same amount.
Nearly 18% of all vacation shoppers and 11% of digital-only shoppers plan to spend less this year than last year, with 9% and 11%, respectively, telling researchers they’re not sure what they are doing. spending plans.
As Gen Z begins to have more disposable income, it’s no surprise they’re the most likely to spend more, at 31%. Baby boomers and the elderly are the most likely to spend about the same or less than last year, at 81% of the cohort, although Gen X is not far behind at 78%.
Despite the surge in interest in Buy It Now, Pay Later (BNPL) services over the past year, only 3% of consumers say it is the most common payment method. important for shopping online during the holidays, up from 1.6% who said it was most important last time around. year.
Buyers’ preferred payment methods remain credit cards, which 39% of consumers said were the most important last year and this year, and debit cards, which 34% said were the most important. The importance of PayPal in the minds of consumers declined slightly this year, to 13%, while digital wallets remained just under 6%.
Read more: NEW DATA: Almost 90% of U.S. Consumers Expect Online Vacation Shopping in 2021, 13% More Than in 2020
Consumers are also looking to shop from retailers that they know can provide a seamless and consistent experience. Almost half of shoppers say they are very or extremely interested in brands that can deliver a consistent in-store and online experience, and 42% say the same for a streamlined checkout process because a merchant has recorded their information.
Additionally, 58% say that over the next 12 months, they would be very or extremely interested in merchants that offer rewards for loyal customers or repeat purchases.