Just released, the National Retail Federation's 2009 Holiday Consumer Intentions and Actions Survey announces a decline in spending for US shoppers this 2009 Holiday Season. According to the report, U.S. consumers plan to spend an average of $682.74 on holiday-related shopping, a 3% drop from last year’s $705.01.
This does not mean less gifts from a quantity perspective, but will definitely be looking for better deals to spend less overall.
MultiChannel Merchant reports, "According to the survey, conducted by BIGresearch, 66% of U.S. Shoppers say the economy will affect their holiday plans this year, with 84% of respondents say they’re adjusting by simply spending less. To ensure that they will spend less, 55% say they'll be shopping for sales more often, 42% will be using more coupons and 34% are putting up last year’s decorations."
Retailers will have to look for ways to gain new customers or repeat customers, not focusing only on discounting. This is the season where the customer experience is key to ensure companies bring in decent numbers for end of year results.
With Thanksgiving weekend only 5 weeks away, Retailers must act now to get what they can out of their customer's tight budgets this year.
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