Online consumers intend to spend less in stores during this holiday season than last, but slightly more online – where they expect free shipping and deals not available in stores, according to The Consumer Internet Barometer from The Conference Board and TNS, reports Retailer Daily.
Bargain hunting will remain the driving force behind online sales, notes the quarterly report, which surveys 10,000 households across the US and tracks who’s doing what on the internet.
“Free shipping, exclusive online deals, coupons and discounts are among the incentives consumers will be expecting this season,” said Lynn Franco, director of The Conference Board Consumer Research Center.”
Online sales across retail channels are forecast to grow 9% this holiday season, compared with a total retail sales forecast of just 1.5% growth this year in the key holiday shopping retail sectors, according to TNS Retail Forward. It expects online sales to reach $42.5 billion in the fourth quarter, up $3.5 billion from last year.
Below, some of the findings from the Consumer Internet Barometer.
In-Store vs. Online Shopping
Even though online shoppers plan to spend less in stores this holiday season, planned spending online is up slightly compared with the same quarter last year.
- Online households planning to spend more than $500 in stores declined to 16% from 21% last year.
- Those planning to spend more than $500 online rose to 5% from 4% last season.
- Those planning to spend between $100 and $499 in stores declined to 57% from 61% last year, while those planning to spend that amount online edged up to 36% from 35% last year.
- Online households planning to spend less than $100 in stores increased to 22% from 16% last year. Those planning to spend that amount online rose to 32% from 29%.
“Despite slowing retail sales in many channels this holiday season, online shopping is likely to be one of the few bright spots this holiday season,” said Mary Brett Whitfield, director of the Retail Forward Intelligence System of TNS Retail Forward.
Check out the rest of the survey results here.
Source: Marketingvox
