Cyber Monday to Overthrow Black Friday Among Holiday Shopping Predictions
The “2019 Deloitte holiday retail survey” is out and it finds consumers of all age groups are likely to rely more on Cyber Monday than Black Friday this holiday shopping season.
For the 34th year, Deloitte commissioned a national survey of 4,410 consumers to better understand spending for the upcoming holiday season. Conducted online, Sept. 6-13, by an independent research company, the survey provides key insights into consumer behavior and what retailers can expect from shoppers as they tackle their holiday shopping.
One of its top findings: Shoppers continue to drift away from Black Friday in favor of Cyber Monday, with 65% saying they’ll rely on Cyber Monday this year vs. 58% citing Black Friday. In fact, the survey finds online shopping overall will once again dominate the season. For the third consecutive season, consumers expect to spend a larger share of their budgets online (59%) than in-store (36%).
And when it comes to online shopping, what is on most shopper’s wish lists? Free shipping. Eighty-five percent of shoppers said they prefer free shipping to fast shipping. When defining “fast” shipping, 68% said they expect to receive their item within two days. The majority of those who opt for free shipping (67%) are willing to wait 3-7 days.
“Every year respondents tell us that the most important factor is discounts,” said Rod Sides, vice chairman, Deloitte LLP, and U.S. leader, retail, wholesale and distribution. “This year that tops out with not just promotions, but also free shipping. What is most fascinating is that we are also seeing an increase in the number of people who are using their phones not just to research products and discounts, but to ultimately make purchases. In fact, 70% of smartphone users said they will use their phone to make a purchase this holiday season.”
Below is a snapshot of the top findings this year. Click here for an in-depth look at the holiday retail survey.
Key Holiday Shopper Takeaways
- Shoppers are expected to spend $1,496 per household during the holiday season this year.
- The top 20% of spenders account for 60% of total dollars people plan to spend during the holiday season; they also account for 71% of dollars to be spent on holiday travel, restaurants and hotels.
- The bulk of holiday spending ($596) will go to experiences and celebrations — including entertaining at home, traveling and eating at restaurants with gifts the next-highest spending category ($511 per household).
- Promotions will influence 81% of consumers this holiday season, with discounts (74%) and free shipping (72%) topping the list