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The majority of shoppers (66 percent) believe retailers will offer better prices and discounts this holiday season due to the current state of the economy, so finds PriceGrabber’s recent Winter Holiday Shopping Survey.
According to the survey, some consumers being preparing financially for the gift-giving season long before they purchase gifts, with 21 percent who say they started saving money before June. The majority begins planning for holiday shopping in October and November.
The country’s uncertain economy “continues to lurk in the minds of consumers, and shoppers expect deeper discounts this holiday season,” said Rojeh Avanesian, SVP of Marketing and Sales of PriceGrabber. “The U.S. fiscal concerns could play a pivotal role in consumer confidence in the economy. Retailers will need to adapt and be sensitive to consumer sentiment to maintain customer loyalty.”
Fifty-two percent of consumers plan to maintain similar holiday budgets compared with last year. Of the 25 percent of shoppers who aim to reduce their holiday budget this year, 45 percent said they would spend less because of an increase in prices on basic necessities; 42 percent are making less money this year; 28 percent said it was acceptable to spend less on gifts because of the economy, and 11 percent accounted for unemployment.
Still, 23 percent said they plan to spend more on holiday shopping this year, up by 11 percentage points from 2012. According to the survey, the driving reason for shoppers who plan to increase their budget is the belief that retailers will offer better prices, discounts and special deals on gifts. Additionally, 35 percent of shoppers who plan to spend more are doing so because they are making more money this year, and 22 percent said they are confident in the economy.