U.S. Consumers Likely to Increase Holiday Spending, Go Extra Mile for a Good Deal, Accenture Survey Reveals
October 13 2016 - 8:03AM
Business Wire
10th annual Accenture Holiday Shopping Survey
finds that consumers will shop at multiple retailers to find the
best price – and the vast majority check Amazon.com before looking
or buying elsewhere
U.S. Holiday Shopper Profile Highlights:
- Forty-four percent of shoppers plan to
spend more on their holiday shopping in 2016.
- Seventy-two percent of shoppers would
be enticed by promotions or coupons to shop at a store they have
not used in the last year.
- Shoppers are open to sharing personal
information and shopping preferences with retailers in order to
receive personalized offers.
- Webrooming and showrooming will be
especially prevalent among U.S. shoppers with 81 percent planning
to participate in each, an increase on 2015.
- Purchasing online with in-store
delivery/pick up is most popular benefit among shoppers.
Seventy-one percent said they are likely to purchase additional
items during their in-store visit.
- Sixty-two percent of consumers cited
shipping costs as the main frustration keeping them from purchasing
more goods online, while long queues is the main frustration
keeping consumers from purchasing more goods in-store.
- Seventy-two percent plan to do
Thanksgiving Day/Night shopping online, also the dominant channel
for Black Friday (cited by 64 percent of respondents).
While holiday spending is likely to increase again this year in
the United States – with 44 percent of U.S. consumers planning to
spend more than they did last year – frugality will be the theme
this holiday season, as shoppers want more for their money and are
willing to put in the extra work to get the best deals, according
to Accenture’s (NYSE:ACN) annual holiday shopping survey.
Now in its 10th year, the Accenture Holiday Shopping Survey
found that 42 percent of consumers this year said they rarely or
never expect to pay full price for an item during the holiday
season. In addition, two-thirds (67 percent) said they will
purchase items from different stores or websites to get the lowest
price, and nearly three-quarters (72 percent) said they would be
enticed by promotions or coupons to shop at a store they have not
used in the last year.
Consumers are also willing to give more to receive more, as 54
percent of survey respondents said they are open to sharing
personal information and shopping preferences with retailers in
order to receive personalized offers, compared to 51 percent last
year and 33 percent in 2014. The factors most likely to entice
shoppers to share personal data are discounts or coupons (cited by
78 percent of respondents, up from 72 percent last year), loyalty
card points (cited by 52 percent) and highly relevant promotions
(cited by 47 percent).
“The good news is that U.S. consumers plan to spend more and are
increasingly willing to share personal information to receive
offers – but they remain focused on frugal bargain hunting,” said
Jill Standish, senior managing director of Retail at Accenture.
“The clear opportunity for retailers is to learn all they can about
their customers and use these insights to provide the personalized
and timely deals consumers are seeking. By optimizing inventory and
marketing, they can increase the profitability of each customer
visit to their store or website and maximize each click.”
Shoppers Will Do Their HomeworkThe survey findings
indicate that U.S. shoppers will be doing a great deal of research
before making their holiday purchases this year. More than
four in five respondents (81 percent) said they plan to participate
in ‘webrooming’ – i.e., shopping for products online before
visiting the retail store to make purchase – and the same majority
said they plan to participate in ‘showrooming’ – i.e., visiting a
store to review a product before purchasing it online. In
addition, the vast majority (84 percent) of shoppers this year said
they check Amazon.com before looking or buying elsewhere.
The factors most likely to entice shoppers to buy from a store
that they have not shopped at in the past year are promotions or
coupons (cited by 72 percent of respondents), followed by the
retailer having a specific item in stock they can’t find elsewhere
(58 percent) and the quality/range of goods (49 percent).
Channel PreferencesHalf (50 percent) of shoppers expect
to do the majority of their shopping online, with 43 percent saying
they expect to do the majority of their shopping in-store (down
from 48 percent last year). Purchasing online with in-store
delivery/pickup was the top retailer benefit that shoppers plan to
take advantage of this year, cited by 48 percent of respondents, up
from 36 percent in 2015.
Shopping FrustrationsAccording to the survey, the main
frustrations deterring consumers from buying more goods online are
shipping costs (cited by 62 percent of respondents), not being able
to touch the product (55 percent of respondents) and shipping
delays (40 percent). The main frustration deterring consumers from
shopping in-store is long lines or crowds, cited by 62 percent
of respondents.
The survey also found that omnichannel offerings could lead to
more sales, as nearly three-quarters (71 percent) of shoppers
who plan to use the buy online / pick-up in-store option said they
are likely to purchase additional items that were not part of their
original purchase during their in-store visit.
“Consumers are in the habit of doing research before they shop
or make a purchase and this trend only intensifies during the
holiday season,” Standish said. “Retailers must provide consumers
with a hassle-free shopping experience, whether they are shopping
online or in-store.”
The Holiday Shopping ListThe most popular item for the
holiday shopping season is, for the second consecutive year,
apparel – cited by 78 percent of respondents (versus 69 percent in
2015). The ever-popular gift card came in second, cited by 74
percent of respondents (versus 64 percent last year), with
restaurants being the most popular gift-card choice (cited by 57
percent of respondents).
U.S. Shoppers Gear Up for Thanksgiving and Black
Friday
- Approximately two-thirds (65 percent)
of survey respondents plan to shop on Black Friday and 36 percent
of shoppers believe the best deals will be available on that day. A
slightly smaller percentage (47 percent) of shoppers are likely to
shop on Thanksgiving Day/night but 72 percent plan to do so online
(versus 60 percent in 2015).
- Only 25 percent of shoppers believe
that Thanksgiving should be spent with family versus holiday
shopping. This percentage was even lower for 18-24 year olds (just
17 percent).
- The number of people who said they plan
to shop on Cyber Monday increased 11 percent this year, to 57
percent.
“We live in a world where consumer behavior and expectations are
changing daily, requiring retailers to be truly insight driven,”
Standish said. “The reality of the always-connected consumer is
evidenced by the fact that Thanksgiving, traditionally considered
family time, is now increasingly regarded as another opportunity to
bargain-hunt. With the majority of shoppers planning to do
Thanksgiving Day shopping online, retailers may want to review
online and offline strategies to engage consumers and drive
sales.”
About the surveyThe Accenture Holiday Shopping Survey
offers insights into consumer buying patterns during the holiday
period. It gives an indication of retail performance expectations
both on the high street and online at a key time for the sector.
For this year’s survey, Accenture queried a representative sample
of 1,500 U.S. consumers online in September 2016.
About AccentureAccenture is a leading global professional
services company, providing a broad range of services and solutions
in strategy, consulting, digital, technology and operations.
Combining unmatched experience and specialized skills across more
than 40 industries and all business functions – underpinned by the
world’s largest delivery network – Accenture works at the
intersection of business and technology to help clients improve
their performance and create sustainable value for their
stakeholders. With approximately 384,000 people serving clients in
more than 120 countries, Accenture drives innovation to improve the
way the world works and lives. Visit us at www.accenture.com.
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AccentureAleks Vujanic, + 44 7500 974
814aleks.vujanic@accenture.com
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