What are the experts, surveys and latest research reports saying about small business and consumer trends? Welcome to our monthly roundup of research small businesses can use to do business better.
Consumer spending trends
- Shoppers will spend approximately $590 on gifts this season on average, including 78% for family, 13% for friends and 4% for coworkers. 2016 Holiday sales are expected to increase 3.6% versus 2015. National Retail Foundation 2016 Consumer Survey
- Nearly 3 in 5 consumers will also make non-gift purchases during the holiday shopping season: approximately $140. National Retail Foundation 2016 Consumer Survey
- Of consumers who plan to purchase gifts this holiday season, millennials plan to spend $499 on average; Gen Xers plan to spend $723, and baby boomers plan to spend $712. Nerdwallet 2016 Consumer Holiday Shopping Report
How consumers will buy
- 38% of shoppers will spend at local, independent stores according to the 2016 Deloitte Holiday Survey. Nearly 3 in 4 shoppers say they will try “new/different stores or online retailers,” and most of them, 66%, said that new experience would be with a local store or business.
- 28% of millenials say they will not set foot in a retail store this year, and will instead do all of their shopping solely online. Rubicon Project Consumer Pulse: Holiday Shopping Habits 2016
- 49% of Americans plan to use cash to pay for gifts this holiday season, which is 6% less than 2015 and 4% less than 2014. Millenials are more likely than the average American to use cash to purchase gifts (60%). Nerdwallet 2016 Consumer Holiday Shopping Report
- Nearly 3 in 4 shoppers is concerned about security breaches during the holidays, but the vast majority are willing to shop with the retailer again if they take steps to regain consumer trust. 2016 Deloitte Holiday Survey
Related post: “How to protect your small business from cyber attacks“
- Shoppers have been conditioned by seamless online shopping experiences to also expect the equivalent conveniences in-store: easy checkout, knowledgeable staff, Wi-Fi access. PriceWaterhouseCooper Holiday Spending report
Where consumers will buy
- Gift cards top the shopping list for 3 in 5 consumers. National Retail Foundation 2016 Consumer Survey
Related post: “The more holiday revenue, the merrier—it starts with gift cards“
- Nearly 1 in 5 holiday purchases will be impulse buys; a third will result from a sale or promotion. 2016 Deloitte Holiday Survey
Related post: “Let’s make a deal: Holiday promotions that won’t break the bank“
[Image: “Last Day” by Antonio Roberts on flickr]
Clover is sold by leading U.S. banks including Bank of America, BBVA, Citi, PNC, SunTrust and Wells Fargo. You’ll also find Clover at our trusted partners including CardConnect, Restaurant Depot, and Sam’s Club. For more information, visit us at clover.com.