A survey showed that more Americans are likely to spend more than their budget for holiday shopping in 2017, despite remaining keen on availing discounts.
The Coinstar Holiday Survey of 2,000 adult shoppers noted that 65% of the respondents create a budget for purchases, while 25% watch out for promotional sales. The poll also showed that many are becoming more creative in giving presents to save money as much as possible.
Spare chance will be the source of funds for 39% of the survey’s respondents. Those that will spend less on movies or concerts represented 35% of the participants, while 33% aim to cut back on dining out. Despite these cost-saving measures, 77% of them still expect to spend more than their intended amount.
Even as more people expect to overspend, others are planning to offset it by making personalized gifts such as sweets and hand-crafted presents. Regifted items, house cleaning, charitable donations are also some of the alternatives to spending on retailers, whether online or offline. Only 14% plan to shop at the last minute, which means they would likely be done by early December, according to the survey.
An NPD Group survey showed that last-minute shopping among Americans has become less frequent in the last 10 years. In the past, consumers had to wait after Thanksgiving to start their holiday purchases, according to NPD Group analyst Marshal Cohen.
For this reason, businesses need to be sure that retail store manager training and employee reinforcements are already in place. This will allow them to be prepared for the early rush of holiday shoppers this year. NPD’s survey showed that around 30% plan to begin shopping for the holidays during the Thanksgiving weekend.
Retailers will benefit from Americans that expect to overspend on their holiday purchases, yet they need to be well-prepared for more shoppers that will begin to buy presents and other items earlier in 2017.