Forecast Predicts Strong Holiday Sales, With Online Growing
A strong labor market and rising consumer confidence point to strong holiday sales. There could be a hangover from weak sales in 2018, not to mention a compressed holiday period, according to 2019 Holiday Shopping Trends, a study by Morning Consult.
But Morning Consult believes other forecasts are lowballing it. Of the consumers polled, 34% plan to buy online during the holidays, versus 22% who do so at other times in the year. Only 31% plan to shop in-store, compared to 44% in general. And 30% plan to do both for this season. So get those emails ready.
Young people prefer the in-store experience — 75% of the Gen Z crowd will walk around stores, compared with 64% who will browse online.
Millennials prefer to shop online by a sight margin — 79% to 77%.
Gen Xers come in at an even split, at 77% apiece for online and in-store. Boomers are only slightly more in favor of shopping in-store — 71% to 70%.
What are they buying? Here’s the shopping list:
- Clothing — 73%
- Gift card — 69%
- Food — 60%
- Book — 48%
- Video game — 41%
- Makeup/beauty product — 37%
- Jewelry — 37%
- Kitchenware — 37%
- An experience or activity — 34%
- Headphones — 33%
- Sporting goods — 28%
- Gaming console — 24%
- Travel — 23%
- Television — 22%
- Tablet — 22%
- Smartphone — 22%
- Computer — 21%
- Watch — 21%
- Speakers — 18%
- Furniture — 17%
- A subscription service — 15%
Shoppers are not as ready to make large household purchases as they were last year. But people in the $150K bracket are feeling more upbeat, and they comprise a high percentage of such buys.
The study also found that:
- 70% plan to spend at least $100during Black Friday — flat with last year
- 52% expect to shop during Cyber Mondayand 45% say they will shop on Black Friday
- 77% plan to shop at Walmartand 74% at Amazon. Amazon has the edge among more prosperous people and millennials
Morning Consult surveyed 2,200 consumers.