US Holiday shopping surpasses intentions

Americans increased their holiday spent with 16 percent this year, with an average of 711 dollars spent on gifts and other holiday items according to the International Council of Shopping Centers (ICSC).

“Consumer confidence continued to improve into December and we saw this optimism reflected in the holiday spending numbers,” said Tom McGee, President and CEO of ICSC. “The strong holiday shopping season suggests a positive environment for retail sales overall.”

Gen X had the highest spend

Gen X spent the most averaging 1,000 dollars followed by Baby Boomers (875 dollars) and Millennials (867 dollars). Experiences accounted for twenty percent of total consumer holiday expenditure, with millennials topping this spending category at 220 dollars, according to ICSC findings.

More than half of all holiday shoppers waited until the days leading up to Christmas to complete their shopping, reinforcing the need for retailers to keep pace with technology as it continues to change purchasing habits and give consumers more options. Almost 70 percent of total holiday related expenditures occurred in stores with both a physical and an online presence. Further, the physical store proved paramount to the shopping experience again this year, with 91 percent of holiday shoppers spending at physical stores, the exact same percentage as 2015.

“The convergence of physical and digital continues to be important as consumers have come to expect an integrated experience allowing them to buy products through a variety of channels,” continued Tom McGee. “The survey data proves that omnichannel retailers are the real winners this season as they offer purchasing options that satisfy the shopping behaviors of all generations.”

Of those who bought items online from a retailer with a physical store and picked up in-store, 61 percent made an additional purchase in-person (75 percent of millennials). In fact, 81 percent of Millennials visited a shopping center this holiday season, more than any other generation, including Baby Boomers (62 percent) and Gen X (73 percent). And while Millennials rely on technology and mobile as part of the shopping experience, either research or purchasing, 77 percent said it is important to buy online from stores that have a physical presence.

The ICSC Post-Holiday Consumer Shopping Survey was conducted online from December 27-28, 2016. The survey represents a demographically representative U.S. sample of 1,030 adults 18 years of age and older.

Photo credit: Mall of America entrance, source: Wikimedia Commons