NEW YORK — Consumers are willing to economize on day-to-day spending so they can allocate more for the holidays, according to Coveo’s seasonal shopping survey.
More than half of 4,000 U.S. and U.K. consumers said they’ll cut back on spending in some areas to increase their holiday budget. Additionally, about three-fourths of them plan to maintain or increase their gift-giving plans for the year.
So, what does this mean for furniture and décor business? Among the outlets where consumers plan to shop on two major holiday shopping days — Black Friday and Cyber Monday — 15% of U.S. consumers will visit home furnishings stores. By comparison, nearly half (45%) will make big box or department stores a destination. Other popular venues for holiday shoppers on those days are electronics and apparel shops.
Home also figures into spontaneous holiday purchasing, with 25% acknowledging they are likely to buy décor and home and garden items online on the spur of the moment. Fashion and food, however, are the most likely spontaneous buys.
The biggest concern for 29% of shoppers this season is economic based — cost/value/budget — followed by finding the right gift (14%) and on-time delivery (11%). Less weighty issues involve product quality, product availability and shipping costs.
Communicating special offers for the holidays often comes through digital sources, the survey found, with 80% of consumers discovering offers via email, social media, online searches and online marketplaces. Print mailings and coupons are more effective means of communication with U.S. vs. U.K. shoppers (27% to 13%).
The survey also found that 31% of shoppers are open to using AI-powered virtual assistants to help with online gift buying. This number is even higher among Gen Z (39%) and Millennials (44%).
For its “Gift or Grinch: Unwrapping This Season’s Shopper Spending Plans” survey, Coveo commissioned Arlington Research to survey 4,000 U.S. and U.K. consumer 18 and older.