The snowfall has began, the chilly breeze keeps cool regularly within some interval and there is a ‘known’ sense of ZEAL in the air…..Yeah Christmas day is nearing and people are on top of their excitement. Everybody is gearing up to their best to enjoy the happiest season of the year and spend their hearts out. It has to be this as now is the time to gift, party and have fun-it’s the scared month and we are on the urge of closing the year with a bang.
This is also probably the best month to which most of the business houses wait for. As the spending meter reaches the highest levels all the retail houses irrespective of their goods has notable expectations of making the BIG BUCKS. However, this is an age of technology and all things are ought to happen according to trends, similarly the Christmas shopping season 2014 is also hooked up to certain pre-trends. Experts from the shopping industry place their odds higher than ever. An average American is likely to spend around $ 781 (or more) and on an whole, America as a country is all set to spend 5 times more than what had did last year. The average individual spending amount is estimated to go up by a strong 12% and it is 6.5% higher than the cumulative average of last 9 years.
According to the National Retail Federation, an average holiday shopper by December 10th had completed 53% of the shopping which is 3% higher than the 50% mark for the same time last year. It surely looks like a rocking time for the retailers.
People are looking for experiences rather than receiving gifts:
As per a survey by PwC of 2,200 shoppers-15 to 20% of millennials want to have newer experiences like painting classes, music lessons and more instead of getting gifts. The compared percentage baby boomers are much less at 10 to 12%. Moreover, there is a 3% hike of people who are buying gifts for themselves while they buy for others. 43% of shoppers are doing so while last year only 40 people out of 100 cared of gifting themselves in 2013.
Popular Payment options this Christmas:
It is obvious that hyped shopping numbers are going to result in lengthy Q’s in the checkout counters. People are turning smarter and going techie in all that they do; nobody wants to struggle spending hours in the payment counters after they have purchased stuffs. Hence, online shopping is predicted to reach a new benchmark this Christmas whereas, physical retail stores are set to have a max of 2% surplus business. A record of 61% (if it reaches the number) of shoppers are estimated to use their debit cards for their payments, 46% are likely to pay their bills by credit cards and 43% are planning to pay in the traditional manner using cheque and cash.
Windfall business for US Christmas Decoration market:
Market research reports assume a rocketing growth trend for The US Christmas Decoration Market. The niche is predicted to have a CAGR of 3.6% for the period 2013-2018. This year’s Christmas decoration market is a massive contribution to the growth. There are around 17 million Christmas trees harvested each year in the USA and the average amount spent on a fake Christmas tree was $ 81.30 whereas it was $35.30 for a real one in 2013.
Online Shopping to be the WINNER:
Regions from Europe and Australia are going online with their shopping. Around 65% of the Aussies have admitted of planning to buy from online portals and spend less on the brick and mortar stores. Last year the same was at around 48%, hence a massive bounce to be witnessed. The condition is much similar in other parts of the world too as people are finding it tedious to invest time and efforts for physical store shopping.
What do people want for Christmas?
The newest trend of ‘self-gifting’ is fast setting in this year. The style of “one for you and one for me” gifts is a success especially with millennials. As mentioned youngsters are going for experiences and services more than physical gifts. However, gifts industry is sure to rejoice and get their full business as people are open heartedly picking up stuffs for self and loved ones.
37% are willing to receive Gift cards and Certificates, whereas 35% are going money-minded as they would be happy to receive money. The love of clothes and accessories still stays on as 32% expected to be gifted with them. The hotel industry can be ready for some profits as 21% are planning to spend maximum on food and wine. Avid readers are also planning a grand Christmas as 26% of shoppers are buying books and reading materials.
Millennial dominance is clearly visible this festive season as 16% of them are grabbing CDs, DVDs of various kinds. A general estimate indicates that around 3 billion Christmas cards may be sent this year.
Overall, Christmas market 2014 is slated to be a time for lavish spending, scrumptious food and recoding breaking figures of the shopping industry.
Merry Christmas to you, hope you have the best in all!!!