2016 Holiday spending beats 2015, consumers spend more than planned
The 2016 Holiday season has come to a close with spending up 16% over 2015 and 4% above consumer expectations. The International Council of Shopping Centers revealed on Tuesday that consumers spent an average of $711 on gifts, just $100 more than 2015 ($611) and $27 more than they planned to spend.
According to the ICSC's Post-Holiday Shopping Survey, consumers spent an average of $897 on gifts and mall experiences, with Gen X averaging $1,000, Baby Boomers averaging $875 and Millennials averaging $865. Millennials spent the most on experiences at $220.
Some 51% of shoppers waited until the days leading up to Christmas to complete their shopping. Almost 70% of total holiday spending occurred in stores with both a physical and online presence, and much like in 2015, 91% of holiday shoppers spent at physical stores.
For shoppers that bought online from retailers with physical stores and picked up in-store, 61% made an additional purchase in-person. 75% of the shoppers were Millennials. In addition, 81% of Millennials visited a shopping center this holiday season compared to 62% of Baby Boomers and 73% of Gen X.
Millennials also used technology to enhance their shopping experience. 86% used mobile devices while shopping in-stores and 96% made a purchase from those retailers. Over half of the mobile users compared prices while in store.
Gift cards remained a popular gift among shoppers followed by apparel and footwear. 63% of shoppers purchased gift cards and half of shoppers purchased clothing.
“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 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. 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.”
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