Despite many forecasts of a gloomy holiday season for retailers, Deloitte is predicting an increase in consumer spending.
Deloitte's 28th annual survey of holiday spending intentions and trends indicates shoppers surveyed plan to spend an average of $421 on holiday gifts this year, up from $386 last year. They also expect to buy an average of 12.9 gifts, ending a five-year decline in the number of gifts they plan to purchase.
The amount consumers plan to spend on non-gift items for themselves or their families rose 14% from 2012, while spending on home and holiday furnishings jumped 25% from last year. In addition, 54% of consumers believe the economy is on the rebound, an increase of 22 percentage points in the past two years.
The Internet moved into the top spot among holiday shopping destinations for the first time in its 15 years represented in the survey, bumping discount/value department stores from the No. 1 position. Nearly half (47%) of consumers plan to purchase items online, followed by 44% at discount/value stores. More than three-quarters (76%) of consumers cite convenience as a reason for shopping online, followed by price (63%).
The omni-channel shopper is most likely to make retailers' spirits bright. Those who shop a combination of store, Internet and mobile channels plan to spend a total of $1,643 on the holidays, 76% higher than those who shop in the store only. Nearly eight in 10 (77%) consumers say that if a product is not available on a store's website, they will go elsewhere, while only 13% would go to that same retailer's store. In addition, 45% of all respondents indicate they would switch to an entirely different store chain or website if they can't find the desired item in a retailer's store.
Other findings include: