So says the “Christmas & Holiday Shopping Forecast” report released earlier this week by America’s Research Group and Inmar. Each year, they survey shoppers to see how many of us are finished with our holiday shopping in December. Here are some excerpts from the report I received:
More consumers report they have already finished their holiday shopping than any time in the last ten years. 30.8% say they are completely or 90% done. The last year that came closest to this year’s record was 2008 when 25.3% said they were done.
In addition, “those who are waiting for the last minute deals say they’re holding out for 70% or 60%-off sales… and 50%-off just won’t cut it!,” said Britt Beemer, Chairman and CEO of America’s Research Group. 45.3% say they’re holding out for 70%-off, 31.6% say 60%-off and only 19.9% say 50%-off will do it for them.
Apparel shopping hits a home run this season, rising from 38.8% last year to 47% this year. “As we predicted, many parents were putting off purchasing their children’s back-to-school apparel until December to save money,” said Beemer.
“This year looks to be a more planned and, perhaps more personalized, Christmas with the majority of shoppers intent on staying within budgets – that, for most, are smaller than last year,” says Inmar Analytics President and EVP, John Ross. “Less expensive gifts, including food, are on many lists with 49% of shoppers using coupons in the grocery store to help stretch holiday budgets.”
From our perspective as shoppers, I found this very interesting. Consumers who are both staying on budget and finishing their shopping early do not bode well for the rest of the retail season. It’s likely why we have seen retailers doing “Cyber Monday II” promotions again earlier this week to drum up shopping interest.
I have been reading some other articles too regarding the excess inventory stores are likely going to be stuck with (or have to sell off cheaply) after the season if sales are flat. Earlier this week, JC Penney projected a $266 million loss for the fourth quarter of 2013. (Interestingly, that article states that Penney’s lost $10 million to $15 million in expenses by opening at 8pm on Thanksgiving plus extended Black Friday hours — a strategy that apparently didn’t pay off.)
As people finishing shopping earlier and stores are stuck with inventory, I’d keep an eye on sales. We are likely to see more of them as 2013 winds down and retailers try to move more merchandise before the year comes to a close.
maggie says
Well, I’m about done I think. I bought some stuff during sales earlier in the year and even found a gift this summer! In October I got some t-shirts at LOLshirts (they even have a great sale going on right now: 2 funny t-shirts for $15 – and this includes shipping!).
Not much left otherwise and I’m actually done wrapping as well (since the kids were starting to look for the gifts I had to wrap and hide them!!).
Sounds like the end-of-year sales might turn into some interesting shopping trips!
mashupmom says
Signed, Chanukah started the night before Thanksgiving this year..!
Kari O. says
We took advantage of the summer toy clearance and couponing with bluray sets. Once we did BF at Walmart and Target for cheap TV series we were finished.
Normally we do ALL our Christmas shopping on BF but this year I found such amazing deals all year, so I just kept stockpiling gifts.
I am definitely looking forward to after holiday sales and clearance deals. I love clearance.
Outlander says
The only problem is… When all those nice sales come around, I’m too broke to get anything. :)
Oh, and I also finished already.
AuntDiane says
I have a lot of my Christmas shopping done, but I am not finished yet. A bunch of the difficult to buy for people are left. But I’ll probably just end up getting them gift certificates, so it’s not like it will be a bunch of work.