While consumers remain cautiously optimistic and holiday season spending is expected to rise only 0.9% over 2009's figures, perhaps of greater interest are the underlying shifts in consumer behaviour found in this year's holiday spending, as observed by strategy consulting firm Stax.
Stax surveyed more than 1,000 holiday shoppers in early November to gain a clearer picture of consumers' retail purchasing choices and decision drivers this holiday season, and three noteworthy trends emerged from the research:
"While this holiday season is shaping up to be comparable to last year, it is critical for retailers to understand their customers more clearly," warned Sue Sung, managing director for Stax. "As this sentiment is unlikely to wane even when the economy recovers, retailers that engage with shoppers in multiple ways, especially in channel choice and loyalty programmes, will be seen as most valuable to customers."
The rough economy has had a clear impact on consumers' shopping behaviour, with 75% expecting to change the way they shop this holiday season. Other key findings from the US-based survey included:
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