Dive Brief:
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Holiday spending is expected to increase 4% to 4.5%, with 69% of shoppers planning to spend at least as much as they did last year, according to consulting firm Deloitte’s annual holiday survey. Some 15% say they’ll spend more.
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That reflects optimism about an improving economy, although few are planning to splurge the way holiday shoppers did before the recession, the report found. Online shopping is still rising, but half of holiday spending will be done in store, which shoppers prefer.
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Just 42% plan to stick to a holiday budget this year (39% of men, 45% of women), giving retailers more opportunity to up-sell or cross-sell. Shoppers are most often planning gifts of apparel and gift cards, though 43% say they’ll give gift cards compared to 69% in 2007.
Dive Insight:
With some tentatively growing confidence in the economy, consumers are feeling a bit more free this year, and may be more open to retailers selling a bit more to them, according to this Deloitte survey. Shoppers want to shop in stores, this survey found, but they don’t want to suffer inconveniences like long lines.
And more than ever, online shopping is not just for ordering things but also researching them before heading to the store.