Based on the results of Coveo’s seasonal buying survey, consumers are willing to spend less on everyday items in order to have extra money for the holidays.
More than half of 4,000 consumers in the US and the UK stated they would make some expenditure cuts in order to put more money aside for the holidays. Furthermore, approximately 74% of them intend to continue or expand their gift-giving activities throughout the year.
What does this signify, then, for the home furnishings industry? Fifteen percent of American customers want to shop at home furnishings retailers on Black Friday and Cyber Monday, the two biggest holiday shopping days. In contrast, almost half (45%) plan to visit department or big-box stores.
Home plays a role in impulsive holiday shopping; 25% of respondents said they are likely to purchase décor and home and garden products online. But the most likely impulsive purchases are those related to food and fashion.
This season, cost/value/budget concerns rank highest among shoppers (29%), followed by selecting the ideal present (14%) and on-time delivery (11%). Shipping charges, product availability, and product quality are less important factors.
According to the poll, 80% of consumers find offers through email, social media, internet searches, and online marketplaces. As a result, special deals for the holidays are typically communicated through digital channels. When it comes to reaching American buyers, print mailings and coupons work better than those targeting British consumers (27% to 13%).
Additionally, according to the report, 31% of consumers are amenable to employing virtual assistants driven by AI to aid with online present shopping. Millennials (44%) and Gen Z (39%) have even higher percentages.
Four thousand American and British consumers aged eighteen and up were surveyed by Arlington Research on behalf of Coveo for their “Gift or Grinch: Unwrapping This Season’s Shopper Spending Plans” poll.
