The survey of more than 1,500
'The organized consumer'
Faced with higher costs and a sharpened focus on getting what they need for the holidays, a group of 'organized consumers' is emerging and strategizing how to stretch their shopping dollars. Just over one-third (35%) of all consumers said they will try to stick to a holiday budget, and 45% are shopping at different times this year in search of the lowest prices.
The survey also shows that many 'organized consumers' pulled out their holiday shopping lists early, with 45% saying that they had already started shopping in August. A small percentage (16%) bought some items in early 2022 to take advantage of last year's post-holidays sales and discounts. 'In times like this - when prices are rising and merchandise stock levels are fluctuating - consumers feel the volatility and take a long view of the gift giving season to ensure they can enjoy the holiday celebrations,' said
Winning consumers' share of wallet
A parallel Accenture survey of 150 retail executives in the
'Many retailers have excess inventory they need to sell, which will come as welcome news to consumers in search of promotions and deals,' said
As in years past, gift cards will be the most popular gift to give this holiday season, with 72% of consumers saying they plan to spend the same or more than last year. There are also signs that consumers are taking the time to get crafty, with more than half (54%) intending to spend the same or more on ingredients or materials for homemade gifts this holiday season compared with last year.
Deck the malls
The survey also highlights how providing additional services could help retailers drive footfall to stores and contribute to positive holiday shopping experiences. For instance, two-thirds (68%) of all consumers - and 88% of older millennials (ages 32-39) - said that services such as an in-store restaurant or beauty salon would entice them to shop with one retailer over another.
Another thing that would entice consumers to shop with one retailer over another is a dedicated in-store area for picking up online orders, cited by two-thirds (68%) of consumers overall - and 90% of older millennials. This is not particularly surprising, given that one-third (32%) of consumers said they are seeing an increase in delivery prices.
'Retailers with physical stores could be set to gain this holiday season as consumers go in search of the perfect gift, the experience of seeing Santa, or the peace-of-mind of picking up items in-store themselves to ensure that have the product in their hands,' Standish said. 'Innovative retailers are applying creativity to the store layout to maximize the sales for each square foot of their allocated selling space. One example is creating a live-stream studio to support e-commerce sales or dedicating an area to collect orders. Retailers are also looking for ways to combine staff and technology to ensure that shoppers' in-store experiences are easy, enjoyable and efficient to navigate.'
About the surveys
The Accenture 16th Annual
A parallel survey of 150 U.S. retail executives was also conducted to explore actions taking by retailers in the run up to the 2022 holiday season, and contrast with consumer expectations. All respondents were US based and worked at Vice President level or above (26% CEO / C-suite, 48% SVP or EVP and 26% VP) for retail companies with annual turnover of more than
Both surveys were conducted in August and
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