Half of U.S. consumers already shop for the holidays

0


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 ​​Monday, 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 ​​Monday 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.

figure 3

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.

Figure 2B

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%.

Figure-1C

Consumer preferences

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%.

Figure 4

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.

Figure 5A

——————————

NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING OUTLOOK

On: It’s almost time for the holiday shopping season, and nearly 90% of US consumers plan to do at least some of their purchases online, 13% more than in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to find out more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.


Share.

Comments are closed.