The “retail renaissance” is prevailing, according to the latest data from the International Council of Shopping Centers, which is forecasting average spending by consumers during the upcoming Thanksgiving holiday weekend to be $554.90. More than $207 will be earmarked for gifts.
“Omnichannel retailers stand to benefit the most, with 93 percent of shoppers planning to spend with retailers that have both a physical and a digital presence,” authors of the ICSC report noted. “Furthermore, of the shoppers planning to buy online and pick-up in store, 77 percent indicate they are likely to spend additional money at that store or adjacent stores.”
The ICSC said the survey results reinforce a recent “halo effect” study, “which illustrated the synergy between stores and web traffic. The study indicated that having a physical store increased web traffic an average of 37 percent, and, similarly, closing a store decreases web traffic to a retailer’s site,” the ICSC stated.
Tom McGee, president and chief executive officer of the ICSC, said it is “clear that having a strong physical and digital presence continues to drive sales — and Black Friday is no exception. This year’s survey results once again show that consumers want options and will shop both in-store and online throughout the holiday season.”
The most recent study revealed that 71 percent of Thanksgiving weekend shoppers will be patronizing a mall or shopping center. And Millennials are “leading the pack at 83 percent.” The survey also showed that consumers will also be heavily engaged in non-shopping related activities. The ICSC report found that 89 percent of Thanksgiving weekend shoppers “plan to go to malls or shopping centers to eat, see a movie and partake in holiday-specific revelry like visiting Santa.”
Other key findings of the report included an expectation of higher year-over-year spending during the holiday shopping season. Forty-six percent of respondents said they were planning to spend more this year as compared to last. Additionally, the researchers at the ICSC said while 45 percent of those polled plan on visiting stores on Black Friday, “robust spending is expected to continue throughout the holiday season, with 28 percent spending on that Saturday or Sunday and 26 percent shopping on Cyber Monday,” the report stated.