For Retailers it is the Most Wonderful Time of the Year

Seventy-nine percent of consumers will shop for holiday gifts during the Thanksgiving period

News provided by

Deloitte

Nov 25, 2019, 07:31 ET

NEW YORK, Nov. 25, 2019 /PRNewswire/ --

Key takeaways

This Thanksgiving period (between Thanksgiving Thursday and Cyber Monday), shoppers are expected to spend an average of $415 per household.
Of the shoppers who plan to shop this Thanksgiving period, 87% plan to shop in-store and 94% plan to shop online.
Mass-merchant stores and online retailers dominate preferred shopping venues.
Almost all of respondents said they planned to spend the same or more when compared to two months ago (91%); one-third (38%) plan to spend more.

Why this matters
Deloitte commissioned a national survey of 1,200 consumers to better understand spending for the upcoming holiday shopping days between Thanksgiving and Cyber Monday. Conducted online, Oct. 31 - Nov. 5, 2019, by an independent research company, the survey provides key insights into consumer behavior and what retailers can expect from shoppers over the Thanksgiving period.

Pass the turkey and the bargains
More than three-quarters of respondents (79%) plan on holiday shopping during the Thanksgiving period.

Of those who plan to shop in-store, more than one quarter of respondents (26%) will do so on Thanksgiving Day, and 70% will do so on Black Friday
For those individuals who plan on shopping online, more than one-third (33%) will do so on Thanksgiving Day and 54% plan to shop online on Black Friday

Online and in-store shopping go together like mashed potatoes and gravy
Online shopping continues to grow in popularity when it comes to holiday shopping.

Of those who plan to shop during the Thanksgiving period, 94% plan on shopping online.
More than 40% of all online spend for the Thanksgiving period is expected to occur on Cyber Monday.
Additionally, of consumers who plan on shopping online, 72% will do so on Cyber Monday.
Online shopping is expected to account for more than half (53%) of Thanksgiving period spend ($234).
For those who will shop in-store during the Thanksgiving period, 36% will do so on Cyber Monday.

Key quote
"Despite retailers getting a jump-start on holiday deals — whether that's announcing a pre-Black Friday sale or offering free shipping — we're expecting a solid showing in stores on Black Friday this year. For many groups of friends and family, Black Friday shopping is a tradition that brings them all together. However, online shopping continues to attract shoppers, both on Black Friday and Cyber Monday. In fact, of the folks we surveyed, more plan on shopping online than in-store during the Thanksgiving period."

-Rod Sides, vice chairman, Deloitte LLP,
and U.S. leader, retail, wholesale and distribution

Younger generations lead the way when it comes to Black Friday shopping and spending
Younger generations (Generation Z and Millennials) are more likely to head to the stores on Black Friday.

Eighty-two percent of Gen Z shoppers plan to be in the store on Black Friday.
Sixty percent of Millennial shoppers plan to be in stores on Black Friday.
Gen X shoppers plan on spending the most during the Thanksgiving period, an average of $452, closely followed by Millennials at $446.

Supporting small business and nonprofits
Consumers are thinking locally and charitably during the holiday season, whether supporting small businesses or donating to not-for-profit organizations.

Nearly half of all shoppers (48%) plan to shop during Small Business Saturday (the Saturday after Thanksgiving) to support local retail businesses.
Approximately one-quarter of Millennials and Gen Zers surveyed (23%) will participate in Giving Tuesday.

For additional information, visit: https://www2.deloitte.com/content/dam/insights/us/articles/6382_2019-holiday-survey/2019_pre-Thanksgiving-pulse-survey.pdf.

Connect with us on Twitter at @DeloitteCB or on LinkedIn @RodSides.

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SOURCE Deloitte