Shoppers Will Spend 50 Percent of Their Holiday Budget During Thanksgiving Sales This Year
More than 60 percent of consumers will start holiday shopping on Black Friday and most will spend more than 50 percent of their holiday budget over the Thanksgiving weekend, according to new research by the Georgetown Institute for Consumer Research, Sponsored by KPMG.
“This data confirms that new trends continue to change the holiday shopping experience for both consumers and retailers. Black Friday and Cyber Monday have become as much a part of the Thanksgiving holiday as watching football and eating leftovers” said Alton Adams, advisory principal with KPMG LLP. “The intensity of Thanksgiving Day and Black Friday shopping, coupled with a rise in mobile and online sales, will force retailers to be prepared for the holiday weekend with a strategic multi-channel approach to seamlessly meet the needs of the customer.”
Most consumers (63 percent) said they will use a combination of online shopping and in-store shopping to complete their list, and more than 40 percent said they would start shopping before noon. A mere 6.2 percent of respondents said they absolutely would not shop on Black Friday and Cyber Monday.
Other insights included what consumers plan to purchase, both as gifts and for themselves. The survey found that the only item people are planning to buy more for themselves, rather than others, is electronics. The vast majority (80 percent) said their overall holiday spending this year would either be the same or less, as compared to 2012.
”Black Friday is the undisputed busiest shopping day of the year for retail. Thus, it made perfect sense for the institute to examine how consumers were planning to approach this year’s sales,” said Kurt Carlson, director of the Georgetown Institute for Consumer Research, Sponsored by KPMG. “What we discovered is that consumers are indeed looking forward to Black Friday, so much so that they are planning to spend half of their holiday shopping budget during this short time frame. One way to view this is that consumers expect to get half of their holiday shopping out of the way before December begins. And that’s just the beginning of the interesting insights we discovered.”
The 2013 Thanksgiving Black Friday Survey was conducted in the first week of November to understand how consumers plan to shop on and around the Thanksgiving holiday. The respondents were drawn from an online sample of 1020 U.S. consumers. To download the complete survey, visit the Georgetown Institute for Consumer Research, Sponsored by KPMG.
About the Georgetown Institute for Consumer Research, Sponsored by KPMG
The Georgetown Institute for Consumer Research, Sponsored by KPMG, develops innovative, ground-breaking research to illuminate the challenges and opportunities of understanding and marketing to consumers. Combining the academic expertise at the Georgetown University McDonough School of Business and the deep understanding of the marketplace found at KPMG, the institute seeks to impact business practice and improve consumer decision-making. For more information or to read the latest research from the institute, visit http://consumerresearch.georgetown.edu.