Price remains the key factor when it comes to when and how consumers will shop this holiday season.
Most consumers plan to shop in-store this holiday shopping, with even digitally-native Gen Z planning on doing so.
EY Americas’ new Holiday Shopping Survey reveals that nearly seven-in-10 (68%) U.S. consumers plan to do their holiday shopping at physical stores this year. Gen X shoppers plan to shop in-store at a higher rate (72%), while even Gen Z shoppers plan to do so more, with 63% noting they will shop in-store compared to 50% who say they will shop online.
[READ MORE: JLL: These store types, retailers are tops with holiday shoppers…]
Online shopping is still considered a main purchasing method, with 58% of shoppers using online retailers to purchase holiday gifts. This tracks with EY-Parthenon predictions around online shopping, with e-commerce expected to account for around 20% of holiday purchases.
Social media platforms are also on the rise and are expected to become a significant sales channel this holiday season. According to the survey, 24% of U.S. consumers plan to make purchases via shoppable social media.
EY’s survey also found that price remains the key factor when it comes to when and how consumers will shop this holiday season. Almost half (47%) of shoppers note that price is the most important attribute when deciding which retailer to purchase from. However, 52% noted their willingness to pay full price for important gifts if needed.