Study: Online holiday spend will beat in-store spend this year
For the first time ever, online holiday shopping spend will beat in-store retail spend, according to a new Deloitte study.
There will also be more "self" gifting this holiday season, according to the firm's 32nd annual Holiday Survey of consumer spend and trends.
Total holiday spend is predicted to average $1,226 per person, and the number will double among the wealthier consumer base, according to a press release.
The survey stated consumers will spend 51 percent of their budget online compared to 42 percent in store. Last year's online spend share was the same as in-store, hitting 47 percent.
"The amount people are actually spending on gifts remains steady compared with prior surveys, but we’ve watched the mix of total holiday spending shift incrementally over the last five years," said Rod Sides, vice chairman, Deloitte LLP and U.S. retail, wholesale and distribution leader, in the release. "It's the lure of shopping and the experience that is flourishing and likely to remain in high demand — all which bodes well for retailers that have created an experience blending one-of-a-kind items, inspiration, uncomplicated navigation and frictionless transactions."
This survey polled a national sample of 5,085 consumers.
Topics: Consumer Behavior, eCommerce, Financial News, Marketing, Merchandising, Mobile Retail, Omnichannel / Multichannel, Online Retailing, POS, Retail - General, Shopper Marketing, Stats and Facts, Trends / Statistics