TMCnet News
U.S. Consumers Likely to Increase Holiday Spending, Go Extra Mile for a Good Deal, Accenture Survey RevealsWhile 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 (News - Alert) (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 Homework 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 Preferences
Shopping Frustrations 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 List U.S. Shoppers Gear Up for Thanksgiving and Black Friday (News - Alert)
"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 survey
About Accenture
View source version on businesswire.com: http://www.businesswire.com/news/home/20161013005457/en/ |