Retailers are gearing up for another successful Thanksgiving Weekend as consumers plan to spend an average of $554.90 with $207.30 dedicated to holiday gifts, according to a new survey from the International Council of Shopping Centers (ICSC).
Omnichannel retailers stand to benefit the most, with 93 percent of shoppers planning to spend with retailers that have both a physical and a digital presence. Furthermore, of the shoppers planning to buy online and pick-up in store, 77 percent indicate they are likely to spend additional money at that store or adjacent stores. Consumers pre-Black Friday expectations echo ICSCs recent landmark Halo Effect study, which illustrated the synergy between stores and web traffic. The study indicated that having a physical store increased web traffic an average of 37 percent, and, similarly, closing a store decreases web traffic to a retailers site.
Its clear that having a strong physical and digital presence continues to drive sales “ and Black Friday is no exception, said Tom McGee, President and CEO of the International Council of Shopping Centers. This years survey results once again show that consumers want options and will shop both in-store and online throughout the holiday season.
A total of 71 percent of Thanksgiving Weekend shoppers will go to a shopping center or mall during the weekend, with Millennials “ long-considered the online generation “ leading the pack at 83 percent.
Non-shopping activities will also be a significant draw for consumers that weekend. 89 percent of Thanksgiving weekend shoppers plan to go to malls or shopping centers to eat, see a movie, and partake in holiday-specific revelry like visiting Santa.
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Forecasts Underscore Strong Consumer Confidence
As consumer confidence hits its highest levels in almost two decades, retailers anticipate big spending this holiday season. Overall, nearly half (46 percent) of the weekends shoppers plan to spend more this year than they did last year.
- 65 percent will spend on holiday-related items like decorations and cards
- 87 percent will be hitting discount department stores such as Target and Walmart, while 66 will spend at dollar/variety stores and 65 will shop at department stores.
Tis the Season for Spending
While 45 percent plan to visit stores on Black Friday, robust spending is expected to continue throughout the holiday season, with 28 percent spending on that Saturday or Sunday and 26 percent shopping on Cyber Monday.
Interestingly, 78 percent of respondents plan to buy toys in discount department stores like Walmart and Target “ more than any other category “ signaling an important role for brick-and-mortar retail in meeting that need.
The ICSC Holiday Intention Forecast Survey was conducted online by Engine Insights on behalf of ICSC from November 1-4, 2018. The survey is a demographically representative U.S. sample of 1,004 adults 18 years of age and older.
ICSC serves the global retail real estate industry. We provide our 70,000+ member network in over 100 countries with invaluable resources, connections and industry insights, and actively work together to shape public policy. For more information about ICSC visit www.icsc.org.
Shannon Troy, Media Relations Manager