You may still be adjusting to the first week of autumn, but a new survey by OpenX and The Harris Poll reports that 50 percent of shoppers are already contemplating holiday gifts with 37 percent responding purchasing has already begun.
Similar to findings in other holiday reports this year, OpenX and The Harris Poll found consumer optimism to be fueling holiday spending. When asked about confidence in the economy improving next year, 77 percent of Millennials responded positively. Further, one-third of total responders admitted to planning on spending more than they did last year.
“Millennials are more optimistic about their economic future than any other age group and this optimism will lead them to spend more this year than any group tested,” said Dallas Lawrence, chief brand officer at OpenX. “All indications are that the holiday season will be a healthy one for those retailers willing to embrace the important shifts we are seeing in when, where and how consumers are shopping.”
But where and when do Millennials shop? This report predicts 81 percent of purchases to occur online during the workday, though 42 percent will do the majority of holiday shopping online from 6 to 11 p.m.
Mobile purchasing is also said to be a large continuing trend from recent years, becoming a primary driver of the shift toward digital shopping. The report finds shoppers ultimately expect to spend $1 of every $5 through a mobile device and 69 percent of Millennials planning to use a phone to shop this holiday season over using a desktop or laptop.
With the shift from in-store to digital spending at a high, this report also outlines changes in consumer’s interaction with digital channels’ advertising. “With the right people-based marketing strategy, that reaches the right shopper with the right campaign at the right time, the opportunity is greater than ever to find the right outcome whether it be in-store or online,” Lawrence said.
Advertising does have an impact on holiday sales, said the company, 68 percent of people report having gotten a gift idea from an ad and 43 percent responding they have followed through with the purchase after seeing an ad. According to 30 percent of Millennials, ads are the reason for impulse buys.
Across all demographics surveyed, the number-one factor in influencing shoppers to complete a purchase is the ability to claim inexpensive or free shipping.
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