{"id":8207,"date":"2023-11-01T17:01:36","date_gmt":"2023-11-01T17:01:36","guid":{"rendered":"https:\/\/inbudgetalerts.com\/investment\/online-shopping-set-to-dominate-cautious-holiday-spending-plans\/"},"modified":"2023-11-01T17:01:38","modified_gmt":"2023-11-01T17:01:38","slug":"online-shopping-set-to-dominate-cautious-holiday-spending-plans","status":"publish","type":"post","link":"https:\/\/inbudgetalerts.com\/?p=8207","title":{"rendered":"Online Shopping Set To Dominate Cautious Holiday Spending Plans"},"content":{"rendered":"
\n

The economy is humming, and consumers have been spending, but will there be enough momentum to give retailers something to celebrate in January?<\/p>\n

After three years of above-average growth in holiday sales, the data suggests this will be at least an \u201cokay\u201d fourth quarter, with modest growth: three out of four consumers in a <\/em><\/strong>recent First Insight Survey<\/em><\/strong> said they expect to spend the same or less on gifts than last year.<\/em><\/strong><\/p>\n

Online research and ecommerce continue to be the leading ways that almost half of those surveyed said they prefer to shop and make purchases via that approach. Nearly 60% said their top preference is big box retailers. A Shopify\/Gallup survey conducted in September found that almost half of shoppers (47%) said they expect to buy all or most of their gifts online.<\/p>\n

\u201cPrice\/deals\u201d was the leading reason for shopping online (such as Amazon, eBay, etc.) for 58%, slightly below last year. A strong second was shipping costs, which, at 46%, was up substantially from last year at the same time. <\/em><\/strong><\/p>\n

Furthermore, better than half said the minimum promotional offer it would take to entice a purchase is between 15% and 30% off. The economy may be humming, but it would appear consumers are spending cautiously.<\/em><\/strong><\/p>\n

<\/fbs-ad><\/p>\n

No surprise then that luxury as a category has been in a slump, most notably at LVMH (Louis Vuitton, Dior, Sephora), whose stock began to crater in July and is down 30% since reporting tepid growth of 1% for its third quarter. The company cited a pullback by consumers in Europe and Asia, especially China.<\/p>\n

However, the First Insight survey found a potential sweet demographic spot for upscale retailers: 71% of Gen Z and Millennial consumers plan on purchasing luxury items this season.<\/em><\/strong><\/p>\n

Overall, online holiday sales are projected to surge almost 5% over last year\u2019s 3.5% growth rate, according to a forecast by Adobe Analytics. Adobe said about half of online spending is expected on mobile devices, exceeding computer-based online shopping for the first time.<\/p>\n

It seemed this year like the retail industry sort of skipped from Labor Day to Christmas, leap-frogging Halloween.<\/em><\/strong><\/p>\n

The flurry of promotional events during the summer and early fall (Amazon, Best Buy, Target, for example) may explain why a wide swath of consumers, nearly half in the First Insight survey, said they started or are planning to start their holiday shopping between Oct. 1 and Thanksgiving. Black Friday may prove to be a non-event, perhaps even a relic.<\/p>\n

It will be interesting to see if Amazon\u2019s stunning 13% year-over-year increase in sales for its third quarter ending Sept. 30 was a result of pulling forward holiday shopping.<\/p>\n

It does appear that this holiday period still holds many more surprises.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The economy is humming, and consumers have been spending, but will there be enough momentum to give retailers something to celebrate in…<\/p>\n","protected":false},"author":1,"featured_media":8208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-8207","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment"},"yoast_head":"\nOnline Shopping Set To Dominate Cautious Holiday Spending Plans | InBudgetAlerts<\/title>\n<meta name=\"description\" content=\"The economy is humming, and consumers have been spending, but will there be enough momentum to give retailers something to celebrate in January? 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