Despite a slow economy in the US, consumers still say they intend to spend more money in the forthcoming 'holiday season' than they did in the past three years, according to a survey from loyalty research consultancy, Brand Keys.
The on-going psychographic trend that Brand Keys has observed is that while consumers are willing to spend a little more money, they want to be perceived as 'wise shoppers'. Apart from wanting to spend their money more wisely, consumers are more likely to spend time searching for the best deals.
When asked about their anticipated spend level for the 2003 holiday season, compared with the same period in 2002, those expecting to spend more than last year showed a 10 percentage point increase over last year's survey, while those expecting to spend the same were down 5 points, leaving those expecting to spend less down 5 points as well. On average, according to Brand Keys, this increase represents an extra US$0.71 million - approximately 9% above 2002's holiday season spend.
Online or offline?
Although survey respondents indicated that they intend to use the full range of retail formats and channels, only the online channel (e-shopping in general) demonstrated a substantial increase in popularity from 2002's survey.