According to Deloitte's annual holiday survey of over 4000 U.S. consumers, online spending could outpace in-store spending for the first time this year. Specifically, the survey found that people expected to spend 51% of their holiday budget online compared to only 42% in-store.
Not surprisingly, the younger the shopper, the more apt they are to spend more online. GenZ respondents lead the way by stating that they expected to spend 61% online, followed by Millennials (58%), GenXers (52%), Baby Boomers (48%) and Seniors (33%).
Only one third of purchases will be for physical goods this year with more people opting for experiences. The survey further found that gift giving will decline while personal purchases will continue to rise. Overall, average spending per consumer is expected to be $1,226 and 44% say they will wait until holiday sales to purchase bigger ticket items. And most still aren't early shoppers with 80% saying that the majority of their shopping occurs from late November onwards.
In the past, research showed that shoppers may comparison shop online but they would still save the final purchase for in-store. However, this is clearly becoming less typical and continually optimized ecommerce experiences are increasingly important. Ecommerce now accounts for around 9% of all U.S. retail sales and, according to Google, 77% of in-store buys are now influenced by digital channels.
Your optimized ecommerce experience also needs to include mobile. While not as likely to convert compared to desktop (59% vs. 75%), smartphones continue to be a central tool in consumer shopping habits. Many respondents report using their phones to browse (67%), compare prices (65%), read product reviews (57%), get product information (56%) and find discounts (48%).
If you want to learn more about how to get your ecommerce store ready for the holidays, check out this post.
