Promotions will be the catalyst for more consumer purchases this holiday season.
According to an Accenture holiday survey released last week, 44 percent of consumers plan to spend more on their holiday shopping this year if they are offered better deals. Seventy-two percent will be enticed by coupons to shop at stores they haven’t used before and two-thirds of shoppers (67 percent) said they will purchase items from different e-tailers to obtain the lowest prices.
With the intention of spending more on holiday gifts, consumers expect retailers to offer them the best discounts. Forty-two percent of consumers this year said they rarely expect to pay full price for products during the holiday season. As consumers prioritize affordability for the holidays, they are also willing to go the extra mile to obtain coupons, deals and promotions on items, often shopping at multiple retailers to find the best prices. Eighty-one percent of consumers will engage in “webrooming” (browsing for products online before visiting a store), and Amazon will be shoppers’ top consulting resource, with 84 percent revealing they will check the website before going to other retailers.
“Consumers are in the habit of doing research before they shop or make a purchase and this trend only intensifies during the holiday season,” said Accenture’s senior managing director of retail, Jill Standish. “Retailers must provide consumers with a hassle-free shopping experience, whether they are shopping online or in-store.”
Consumers are also willing to provide retailers with personal information to receive more holiday product deals. More than half (54 percent) of shoppers said they don’t mind sharing their shopping preferences with retailers compared to 51 percent in 2015 and 33 percent in 2014. Seventy-eight percent of consumers will provide personal information to receive discounts and coupons, meanwhile 52 percent of consumers will provide their shopping preferences to receive more loyalty card points.
“The good news is that U.S. consumers plan to spend more and are increasingly willing to share personal information to receive offers—but they remain focused on frugal bargain hunting,” Standish said. “The clear opportunity for retailers is to learn all they can about their customers and use these insights to provide the personalized and timely deals consumers are seeking.