Consumers intend to spend 470 dollars over Thanksgiving weekend
Nov 25, 2020
Consumers are estimated to spend 470 dollars on holiday items in the period beginning with Thanksgiving and ending with Cyber Monday, according to a recent survey.
The new ICSC Thanksgiving Weekend Intentions survey represented a sample of 1,002 US respondents. The data revealed that 91 percent of consumers will make purchases from retailers offering omnichannel formats and those retailers are estimated to capture 67 percent of total expenditure.
The data revealed that retailers using both online and in-person shopping methods will be most successful this holiday season. 69 percent of consumers plan to buy from pure online vendors compared to 58 percent in 2019, accounting for 29 percent of total expenditure.
85 percent of those surveyed expect to shop over the course of the weekend and among those planning to shop, 44 percent anticipate spending more this year than in 2019.
Despite Covid-19, 52 percent of respondents consider Thanksgiving weekend and Cyber Monday sales important, only one percent down from last year. 51 percent expect to shop on Thanksgiving Day and 72 percent plan to shop on Black Friday, in line with 2019. 73 percent expect to shop on Cyber Monday.
Physical shopping is predicted to fall this year due to Covid-19. 69 percent of consumers plan to shop in-store this year compared to 84 percent last year. However, consumers stated they will do less shopping over the weekend due to earlier sales including Amazon Prime Day, Target’s ‘deal days’ or Walmart’s ‘big save event.’
For the first time, sales and promotions are not the priority for consumers when choosing where to shop over the weekend. 36 percent of respondents stated that Covid-19 safety precautions are the top determinant.
Tom McGee, president and CEO of ICSC, said in a statement: “Thanksgiving weekend will look different this year due to the pandemic, but consumers will still spend time shopping for holiday gifts and items. Shoppers have become accustomed to omnichannel shopping and will take advantage of it, in addition to going to stores, to make purchases.
“Malls and shopping centres are historically a hub for holiday tradition and festivity, so the holiday season may feel different this year as retail spaces contend with the challenges of Covid -19. Nevertheless, as our survey clearly indicates, consumers’ enthusiasm for Thanksgiving Weekend shopping remains strong.”
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