US Shoppers Poised to Spend More This Holiday Season

U.S. consumers are ready to open their wallets and spend more this holiday season, according to the latest Accenture Holiday Shopping Survey. Forty percent plan to spend more money on holiday shopping in 2015. That compares favorably with just 25 percent who said that the same last year.

However, even though consumers are willing to increase their spending this year, they’re always on the lookout for a good bargain. Almost all (87 percent) of those surveyed are typically persuaded by discounts of 20 percent or more. Twenty-three percent of shoppers are persuaded when the discount is between 20 and 29 percent.

Half of those surveyed said that they’re likely to shop on Thanksgiving Day. That’s up from 45 percent in 2014. Sixty-three percent said that they’re like to shop on Black Friday, which is exactly the percentage of people who said the same last year.

Consumers are fairly evenly split about whether to go “old school” shopping during the Thanksgiving holidays or to shop online. Forty-three percent plan to shop online on Thanksgiving Day, while 42 percent said that they’ll shop online on Black Friday. Forty percent also said that they’ll shop in-store on Thanksgiving Day and 42 percent said that they’ll shop in-store on Black Friday.

“With consumers willing to spend more on holiday purchases again this year, this holiday season represents a strong opportunity for retailers,” said Patricia Walker, Senior Managing Director, Products, and North America Retail Practice Lead at Accenture, adding: “As consumers make digital technology a natural part of their lives, their shopping habits have evolved rapidly. If they experience personalization on one channel, they start to expect it across all channels. This represents a great opportunity for retailers who take advantage of new and emerging digital technologies to enhance the shopping experience.”

Open to Sharing

Despite all the bad press about data security breaches, consumers say that they’re willing to share their information if it leads to a more personalized shopping experience. While only 33 percent were willing to share personal information in 2014, more than half (51 percent) are willing to do so this year. Only about a quarter (24 percent) are unsure about sharing their information and another quarter (25 percent) are unlikely to do so.

Online Meets Offline

The survey also found that almost three-quarters (69 percent) of shoppers are likely to practice “webrooming.” That is, they’ll shop online for the product first and then visit a retail store to make the actual purchase. Sixty-five percent will do the opposite, called “showrooming.” They’ll shop in a retail store first before they purchase it online.

Online Vs. Offline

More than half (54 percent ) of those surveyed prefer online shopping to offline. However, 1 in 10 say that they’ll consider either option depending on what they’re purchasing.

Almost two-thirds (61 percent ) say that social media will have some influence on their purchasing decisions. Those in the 18-44 age bracket are most influenced by social media.

“[O]ur research shows us that social media has very little influence on the purchasing decisions of those aged 45 and over,” Walker said. “The younger shoppers who are influenced by social media mostly like to see what’s trending and what others are buying."