Omnichannel retailers big winners in holiday season
Retailers with an omnichannel strategy enjoyed a robust return-on-investment this holiday season as consumers spent 16 percent more on holiday purchases in 2016, compared to a year ago, with consumers spending an average of $711 on gifts.
That's a 16 percent spike over last year's holiday average of $611 and 4 percent highers than what an earlier survey predicted, according to the International Council of Shopping Centers Post-Holiday Shopping survey.
Almost 70 percent of total holiday related expenditures occurred in stores with both a physical and an online presence, according to the survey.
"Consumer confidence continued to improve into December and we saw this optimism reflected in the holiday spending numbers," Tom McGee, president and CEO of ICSC, said in a release. "The strong holiday shopping season suggests a positive environment for retail sales overall."
In terms of generational spend, the Gen Xers spent the most averaging $1,000, followed by Baby Boomers ($875) and millennials ($867).
Experiences accounted for 20 percent of total consumer holiday expenditure, with millennials topping this spending category at $220, stated the survey.
The physical store proved paramount to the shopping experience again this year, noted the release, with 91 percent of holiday shoppers spending at physical stores, the same percentage as in 2015.
"The convergence of physical and digital continues to be important as consumers have come to expect an integrated experience allowing them to buy products through a variety of channels," McGee said. "The survey data proves that omnichannel retailers are the real winners this season as they offer purchasing options that satisfy the shopping behaviors of all generations."