Thanksgiving is still a week away, but holiday shopping is in full swing. We’ve posted several reports on online shopping and the importance of mobile this holiday season. Today we’ll look at how much consumers are planning to spend and what might affect holiday spending.
• 23% plan on spending $750 or more
• 5% of shoppers say they are going to be extravagant and 8% expect to splurge
• Four in 10 expect to cut back this year vs. last year. In 2011, 46% planned on curbing spending and 52% said they would spend less in 2010
• 60% said they would be spending the same as last year on holiday gifts
• Nearly a quarter of those who said they would be spending the same said it was due to increased living expenses. In 2011, it was 34%.
• 45% said that high gas prices would negatively affect their holiday gift buying
What Does This Mean To You?
The holidays represent a large portion of many businesses total sales. A good holiday season can make or break a business’s bottom line. If don’t already have a loyalty program in place, the holidays are are a great time institute one. Loyalty programs can help create a difference between you and the competition. It also gives you the opportunity to create a database that can pay dividends throughout the year. Being aware of what your competitors are doing is also important. Knowing what sales they have in place can help you structure your offers. With many consumers thinking about the price of gas, your mobile strategy could play a key role this holiday season. Consumers are more likely to plan shopping to maximize fuel efficiency. Make sure your mobile entities are up to date with your latest offerings and that contact information and location are easily found. For more information on making your holiday season as profitable as possible, please contact your Sun Sentinel representative or:
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Source: Mobile Commerce Daily; Accenture