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November 17, 2020
Consumers embrace earlier start to holiday shopping
According to NRF, over 40% of holiday shoppers said they started earlier than they normally do, according to the annual survey it eleased.
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Over 40% of holiday shoppers say they started earlier than they normally do, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics.
“Retailers have demonstrated their commitment and ability to ensure safe shopping environments for their customers and their associates,” said Matthew Shay, president and CEO for NRF. “With consumers looking to fulfill their gift lists earlier this year, retailers are prepared to meet that demand with deep discounts, robust inventory and providing the best experiences possible whether in store or online.”
As of early November, 59% of holiday shoppers say they had started making purchases, a 21% increase from a decade ago. Even so, there is still plenty of shopping left to do. On average, holiday shoppers say they have completed only 26% of their shopping so far.
Retailers’ top priority is the health and safety of their employees and customers, and these investments are paying off. A large majority (70%t) of holiday shoppers say that, given the precautions retailers have taken for COVID-19, they have felt safe shopping in stores this holiday season.
Education Campaign
NRF launched a consumer education campaign called “New Holiday Traditions” to encourage consumers to shop safe and shop early this holiday season. Retailers began stocking their shelves with holiday inventory and offering holiday promotions as early as October. As a result, 69% of holiday shoppers say they are able to find the items they are looking for all or most of the time, and 84% are confident they will receive items they order online in time for the holidays.
“Consumers have welcomed the longer shopping season, where many retailers have chosen to offer deals before and leading up to the traditional Thanksgiving and Black Friday doorbusters,” Phil Rist, executive vice president of strategy for Prosper Insights & Analytics said. “These additional offerings translate to more options for holiday shoppers in the long run.”
Popular Gift Categories
Clothing and accessories are the most popular gift category, according to 54% of those surveyed, followed by gift cards/gift certificates (49%), toys (37%), books and other media (34%) and food/candy (28%).
Similar to last year, consumers plan to purchase between three and four gift cards, for an average spend of $163 per consumer. Total spending on gift cards is expected to reach $27.5 billion.
Top Toys
The 2020 top toys for boys and girls include LEGOs and PlayStation. Cars and trucks, Hot Wheels and video games are also popular gifts for boys. Barbie and dolls remain the top toys for girls.
Credit cards (42%) remain the top form of payment consumers plan to use this holiday season, followed closely by debit cards (41%). Just 15% of consumers listed cash as a top form of payment during the holidays, the lowest in the survey’s history and likely related to the coronavirus. Half (49%) of shoppers plan to use an alternative form of payment such as PayPal, Apple Pay, Samsung Pay or Venmo.
The survey of 8,362 adult consumers was conducted Nov. 2-9 and has a margin of error of plus or minus 1.1% points.
