Recession Creates New Holiday Shopping Trends
Despite the economic condition this year, some of the best bargains will be found this winter. Retailers have an excess of inventory left over from slow summer and fall seasons. Many placed their holiday orders before the economic crash and over-ordered.
Combine huge inventories will low consumer demand, and this the formula for deep discounting. Look for huge markdowns in large ticket items like TVs, HDTVs, electronics and clothes.
PriceGrabber.com(R) data reveals: 70 percent are researching and comparison shopping online, 53 percent of consumers are taking coworkers off gift lists, and 36 percent anticipate holiday spending between $100 and $499
LOPriceGrabber.com®, a part of Experian, explores the impact of the economy on holiday spending in its latest Holiday Forecast Consumer Behavior Report. Survey data reveals that the state of the economy is shaping new trends in holiday shopping. More than ever, comparison shopping is on the forefront of consumers' minds, with 70 percent of consumers doing more research and comparison shopping online, compared with 38 percent last year.
Consumers are also crossing acquaintances (57 percent) and coworkers (53 percent) off their gift lists. Other findings from the PriceGrabber.com survey of 2,018 online consumers conducted from Sept. 24, 2009 to Oct. 12, 2009, reveal:
Shopping starts earlier to ease the impact of holiday spending -- 22 percent start their holiday shopping in October
Cutting back on spending is not the only holiday trend being impacted by the recession. In past years, Black Friday (the day after Thanksgiving) has been the unofficial start of the holiday shopping season.
This year, consumers are planning to start their holiday shopping long before Black Friday, with 22 percent of consumers starting their holiday shopping in October and 29 percent starting in November.
Gift lists are trimmed down to manage budgets -- 57 percent are not purchasing gifts for acquaintances
Consumers are also making some significant cuts to the number of people on their holiday gift lists. When consumers were asked to compare this year's gift list to last year's, 57 percent of consumers revealed that they are not purchasing gifts for the acquaintances that they purchased gifts for last year.
Fifty-three percent of consumers are not purchasing gifts for the co-workers that they purchased gifts for last year. When it comes to holiday spending this year, 36 percent of consumers expect to spend between $100 and $499, 28 percent plan to spend $500 to $999, and 30 percent anticipate a holiday spend of $1,000 or more.
Consumers are using more money-saving techniques -- 50 percent shop at discount or outlet stores
This year, in order to meet holiday spending budgets, more consumers are utilizing money-saving techniques for their holiday shopping when compared with last year's PriceGrabber.com survey, Holiday Consumer Spending Survey (2,641 respondents, conducted from Oct. 20, 2008, to Nov. 10, 2008).
Fifty percent of consumers are planning to shop at discount or outlet stores this year, while only 43 percent did so last year. Twenty-nine percent of consumers are planning to purchase gifts for fewer people this year, while only 10 percent did so last year. PriceGrabber.com will continue to track the impact of the economy on holiday trends.
To view the full Consumer Behavior Report on economic trends and consumer spending, please visit http://www.pricegrabber.com/about.php/about=press/sub_opt=15.
PriceGrabber.com, part of Experian Interactive(SM), has established itself as one of the most trusted and effective online comparison shopping services, allowing approximately 23 million consumers each month to search and compare information that enables them to find the right product from the right retailer at the best price.
Through continued innovation and a consistent focus on providing the best comparison shopping experience on the Internet, PriceGrabber.com provides savvy shoppers access to millions of unique products and services from thousands of retailers and sellers in 25 product channels.
The company also powers comparison shopping functionality for a network of leading Internet sites, including Bing, AOL Shopping, About.com, iVillage, Comcast and CNET. The company offers comparison shopping in English (at http://www.pricegrabber.com/), Spanish (at http://www.preciomania.com/) and Portuguese (at http://www.precomania.com/) as well as international sites in Canada and the United Kingdom.PriceGrabber.com is headquartered in Los Angeles, Calif. PriceGrabber is a registered trademark, and PriceGrabber.com and BottomLinePrice(TM) are trademarks of PriceGrabber.com, Inc., a Delaware corporation. Other trademarks or registered trademarks are the property of their respective owners.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index.
Total revenue for the year ended March 31, 2009, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.