Tuesday, October 8, 2013
Holiday Shopping on the Rise this Year
Hunter Communications Original News Source:
Link to article:
Holiday Spending to Rise as Black Friday Lures Shoppers
Excerpt: "Though people will spend more overall, holiday shoppers will be “keenly focused on discounts and sales,” Accenture said. Economic and political uncertainty, with the government partially shut down, combined with higher payroll taxes, rising mortgage interest rates and limited gains in employment, have kept consumers wary of overspending. Consumer confidence fell to a five-month low in September.
Still, Accenture said the projected rise in spending comes as consumers 'treat themselves after a tough year,' and enjoy increased discretionary income.
Accenture’s study, an online survey of 500 U.S. consumers conducted last month, is more optimistic than other researchers’, including the National Retail Federation, which said earlier this month that holiday retail sales could increase 3.9 percent. Deloitte LLP estimated last month sales could climb as much as 4.5 percent.
Accenture, however, said fewer consumers expect economic concerns to impact their shopping plans and only 18 percent said they would spend less than last year.
Still, shoppers will be focused on discounts, with 94 percent indicating it will be an important part of their purchasing decisions. 'Although retailers’ main draw on Thanksgiving Day and Black Friday will be "doorbuster" deals, shoppers will be demanding discounts of 30 percent or more throughout the season,' Chris Donnelly, global managing director of Accenture’s retail practice, wrote in a statement.
Thanksgiving Day is also marking itself as an 'established holiday season event,' with 38 percent of respondents saying they are likely to shop at four or more stores that day. Almost three-quarters of those surveyed said they had already started their holiday shopping or plan to do most of it by the end of November."