Holiday season

US Buyers To Show ‘Generosity Of Spirit’ This Holiday Season, Accenture Poll Says | Business

NEW YORK – (BUSINESS WIRE) – October 12, 2021–

Americans are looking forward to this holiday season, and many plan to spend the same or more on their holiday shopping compared to last year and to support charities and local communities, according to the results of the 15th Annual Survey of Accenture’s holiday shopping (NYSE: ACN).

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There is a gap between consumers and brands before Black Friday and Cyber ​​Monday. (Graphic: Business Wire)

Holiday spending is expected to increase this year, with consumers planning to spend US $ 598 on average during the holiday season, up from US $ 539 last year. Most (71%) said they intended to spend as much or more than last year. Older millennials (32-39) plan to spend $ 705 on average, the highest of any age group.

The survey of more than 1,500 U.S. consumers found that 76% of them look forward to spending time with loved ones this holiday season, 75% are considering buying gifts for their immediate family and 41 % of gifts for their neighbors, colleagues and friends. This “generosity of spirit” will likely extend outside the home, as 70% plan to make charitable contributions this year and 21% – rising to 32% among Gen Z and 28% of young people. Millennials (24-31) – plan to donate more than they did last year.

The study also highlights the continued drive to support local communities, with 58% of consumers aiming to buy from local and independent retailers.

“While the projected increase in consumer spending is good news for retailers, our survey shows that the events of the past year are likely to affect the spending habits of different generations of people this holiday season,” said Jill Standish, senior executive. director at Accenture and group leader of the global retail industry. “Retailers need to respond by keeping safety protocols in place and exploiting the buying temperament in each community they are trying to serve. This requires increased local decision making aided by analytical tools to spot changing market conditions and evolving patterns of behavior as they occur. “

Store purchase returns – most popular with digital natives – Gen Z

Despite the current pandemic, the convenience of in-store shopping is returning. More than half (54%) of people in general – and 70% of Gen Z consumers – plan to do most of their holiday shopping in-store this season, while, perhaps surprisingly, 54% of babies -boomers plan to do most of their shopping online. .

Additionally, 25% of general consumers – and 42% of millennials – said shared experiences such as cooking classes, Christmas carol singers, and children’s play areas could inspire them to shop in-store with one retailer rather than another.

“The events of the past year have compressed into weeks, changes that would likely have taken years. For example, the pandemic has forced older generations to overcome their reluctance to shop online, a continuing trend identified by our On the other hand, young consumers – who are already comfortable online – seem to seek services and experiences that go beyond shopping, ”said Oliver Wright, senior managing director of Accenture and head of his global consumer goods and services industry group. “Retailers and consumer goods companies must take advantage of these behavioral changes and continue their reinvention to engage a diverse and multigenerational market of millions. of individuals. “

Buy early before it’s too late

The pandemic, coupled with supply and transportation issues, affects a third (34%) of consumers, who intend to shop earlier this season because they fear they won’t get what they need on time for the holidays. Additionally, Black Friday and Cyber ​​Monday continue to lose their luster, prompting retailers and brands to take a longer-term view of the season.

“The declining popularity of Black Friday, coupled with consumers starting their holiday shopping early, means that retailers and brands need to engage consumers throughout the season,” Standish said. “Plus, with many people still working from home, the ability to browse and buy online, as well as choose how to get items, is much easier for consumers – and makes it even more difficult for consumers. retailers. This year, more than ever, inventory control and security of supply will be important for both the consumer and the retailer.

Consumers prioritize time and money over experiences

Americans will shift some of their spending away from physical gifts to experiences and services, but this is more pronounced among younger generations who are more likely to travel, spend time socially during the holidays, as well as research and travel. offer experiences.

“We know Gen Z and Millennials hold the greatest purchasing power, and this represents a great opportunity for consumer companies to reach these cohorts,” said Emily Weiss, CEO of Accenture and Head of its global travel industry group. “Businesses must harness the desire of young consumers to share their experiences, but also focus on their growing priorities, including health and safety, while delivering an overall customer experience focused on ease and convenience. “

For more information and discoveries on holiday trends, click here.

About the research

Accenture’s 15th Annual Holiday Shopping Survey provides insight into the buying habits of consumers during the holiday season, providing an indication of retail performance expectations both on the street and online at a key moment for the sector. For this year’s study, Accenture surveyed a representative sample of 1,515 US consumers online, each of whom had purchased an item for personal use online or at a store in the previous six months. Respondents were split between genders and age groups, with 14% each of Gen Z (aged 18-24), 13% of younger Gen Y (25-31), 14% of Older Generation Y (32-39), 22% of Generation X (40 -55), 21% Baby Boomers (56-69) and 16% 70+.

A parallel survey of 120 US-based retail executives was also conducted to explore the actions retailers are taking in the run-up to the 2021 holiday season and compare these with the expectations of consumers. consumers. All respondents work at the Vice President level or above (42% CEO, 38% Senior Vice President or Executive Vice President, and 21% Vice President) for retail companies with annual business is at least US $ 1 billion. About half (53%) have incomes between 1 and 5 billion US dollars; about half (32%) have incomes between US $ 5 billion and US $ 20 billion; and the rest (15%) have revenues over US $ 20 billion.

Both surveys were conducted in August 2021.

About Accenture

Accenture is a global professional services company with industry-leading digital, cloud and security capabilities. Combining unparalleled experience and specialized skills in more than 40 industries, we offer strategy and advisory, interactive, technological and operational services, all powered by the world’s largest network of advanced technology and intelligent operations centers. Our 624,000 employees deliver on the promise of technology and human ingenuity every day, serving customers in more than 120 countries. We embrace the power of change to create value and shared success for our customers, employees, shareholders, partners and communities. Visit us at www.accenture.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211011005695/en/

CONTACT: Aleks Vujanic

Accent

+44 7500 974 814

aleks.vujanic@accenture.com Tara Burns

Accent

+44 7850 435 158

tara.burns@accenture.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

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SOURCE: Accenture

Copyright Business Wire 2021.

PUB: 12/10/2021 12:01 am / DISC: 12/10/2021 12:02 am

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