Google and OTX recently released the results of a study on consumer shopping intentions during the upcoming holiday season. These insights came from an online survey with over 10,000 respondents across a number of product verticals. While surveys are never a perfect way to assess consumer behavior, this study provides some interesting insights on how shoppers are likely to purchase this season.
- Consumers are starting their research early this year, with 31% beginning before Halloween. Approximately 40% of shoppers will make the majority of their holiday purchases in early to mid December. Only 4% selected Cyber Monday, which is in line with my experience. The retail clients I’ve managed typically see the Monday before the ground shipping cutoff as their biggest day, not the mostly overrated Cyber Monday.
- 43% of consumers say they plan to spend more time shopping for gifts this year due to the state of the economy.
- Shoppers are seeking value through promotions, with 84% taking advantage of price discounts and 75% seeking free shipping offers. This is unsurprising given the current promotional frenzy in the marketplace. (Have you walked into a mall recently? There are so many sale signs that it’s almost as overwhelming as walking down the Las Vegas Strip at night.)
- The internet plays an important role in holiday shopping, even for offline purchases. 86% of shoppers will use the internet in their product research, and 54% are likely to research online and then go to the store to purchase. (Granted, this survey was conducted online, and therefore its respondents are likely to be more internet-savvy than the general population.)
- More people are shopping online this year – 40%, up from 34% last year.
- Consumers are as likely to pay attention to online ads as they are to TV commercials. This is interesting, but typically people have a hard time accurately assessing the amount of attention they give to things.
- Search is expected to drive 16% of online retail sales, up from 12% last year. Use of comparison shopping sites is also expected to increase significantly. These numbers are likely affected by the fact that other channels are being hit harder by the current economic crisis than search and comp shopping.
Overall, it seems as if the economy is definitely having an effect on the way consumers shop this year (not shocking), and the internet is playing an increasingly important role in the buying process. One thing is certain: it’s bound to be an interesting holiday season for online retailers and marketers.
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