Holiday Shoppers Are Spending More Or The Same As In 2019: Study
Shoppers are looking for personalized suggestions, according to 2020 Holiday Season: Navigating Shopping Behaviors In The Pandemic, a global study by McKinsey.
Of the consumers polled worldwide, 26% will rely on personalized campaigns to research their holiday shopping. And 31% will turn to social media.
The personalized campaigns presumably include both email and web.
But the U.S. is below the norm in relying on personalized campaigns: Only 18% of consumers plan to do so, versus 24% in Germany and 40% in China.
Overall, 40% will depend on browsing in stores, 31% on catalogs, fliers and newspapers, 42% on brand websites, 53% on retailer websites and 18% on TV commercials.
While 44% of holiday shoppers report from a slight to significant income reduction due to COVID-19, 82% will spend the same or more than last year on holiday deals.
And 37% intend to spend more online than they did last year.
The big motivating factors this year are:
- Better prices/promotions — 48%
- Better value — 44%
- Shipping/delivery costs — 33%
- Better quality — 32%
- In-stock — 30%
Apart from Amazon Prime Day, which has already occurred, the big days will be:
- Black Friday — 56%
- Cyber Monday — 39%
- Cyber Week — 26%
- Singles Day — 26%
Predictable, those whose income has been hurt by COVID-19 are most likely to look for deals.
McKinsey surveyed over 3,500 holiday shoppers in the U.S., the UK, China, Germany and France.