SteelHouse 2011 Holiday Shopping Forecast
SteelHouse has uncovered significant findings about changes in shopper behavior that retailers should expect for the 2011 holiday season. The new national survey conducted for SteelHouse by Synovate eNation shows that 82% of shoppers, including families, women and high income earners, expect to change their buying behavior because of the economy.
With 62% of shoppers planning to spend less and 50% of shoppers determined to comparison shop before completing a purchase, it is more critical than ever for retailers to beat their competitors to the punch and make the right offers to their shoppers in real time.
Nearly two-thirds of survey respondents (62%) said they’ll spend less overall, and more than four out of five (82%) said they will change the way they shop. Half said they’ll comparison shop more, nearly one-third said they’ll no longer buy without a discount or free shipping, and nearly 30% said they’ll browse more online than in the malls to find the deals.
Women are twice as likely as men to use social media to find deals and share them with friends (16% versus 8%). Those in the highest income group ($75k+) will make fewer changes in the amount they’ll spend, but will seek deals – discounts, free shipping and coupons – more than those earning less.
Those in the highest income category ($75k+) are less likely than the others to cut their overall spending (54% said they’ll spend less, vs. 66% and 67% of the lower income categories). But they’re the most likely to:
- Use coupons for the first time (13%, versus 8% of those in the lowest income bracket).
- No longer buy anything without a discount or free shipping (36%, compared with 27% of those in the lowest income bracket).
- Spend more time browsing products online rather than going to the mall (32%, compared with 24% of those in the lowest income bracket).
Families will be looking for deals. In every category, respondents with children in the house are making more changes to shopping behavior than those without.
- More than half (56%) will comparison shop more than they used to.
- More than a third (34%) will no longer buy without a discount or free shipping.
- More than a third (36%) will spend more time browsing products online than in a mall.
- Nearly a third (31%) will redeem loyalty points to buy gifts instead of using cash or credit.
- One in five will use social media to find or share deals.
Overall, women will make more changes than men – though both groups are looking for deals:
- Women are more likely to increase comparison shopping (54% versus 45%, respectively).
- Women are more likely to demand a discount or free shipping (36% versus 26%).
- Women are more likely to spend more time browsing online instead of the mall (31% versus 25%).
- The exception is coupons: men are more likely than women to say they’ll use coupons for the first time (12%, versus 9% of women).