Present playing cards, attire, equipment and jewellery would be the hottest items for vacation 2024.
That’s in keeping with the ICSC Vacation Intentions Survey, which signifies that 58 % of these Individuals purchasing for items will choose present playing cards for his or her households and pals; 52 % will hunt down attire, equipment and jewellery, and 50 % will store for toys, video games, sporting items and items tied to different hobbies.
Shoppers additionally anticipate giving experiences, with 25 % of that giving tied to eating places and eating whereas 14 % will go to non-public companies and 16 % might be linked to different experiential actions.
Whereas the vacation season isn’t anticipated to be a blockbuster for retailers, it gained’t be unhealthy. The ICSC forecasts that 241 million shoppers, 6 million greater than in 2023, might be purchasing for items. The commerce group can also be projecting a 3 % to three.5 % retail gross sales beneficial properties this vacation season, which is in step with projections from different analysis organizations and retail analysts, typically forecasting 2 to 4 % beneficial properties.
The ICSC survey indicated that 63 % of these purchasing for items will first head to low cost shops like Walmart or Goal. About half that many — 33 % — stated they’ll head to conventional shops reminiscent of Macy’s or Nordstrom.
Meals and beverage, with a projected 6 % enhance, will outperform retail gross sales typically, in keeping with the ICSC.
“According to current years, 78 % of vacation customers plan to begin purchasing for the vacations sooner than they usually would — and half of these cited early offers and promotions as a prime purpose,” the ICSC stated in an announcement. “This 12 months’s survey additionally confirmed a rise of 10 proportion factors within the quantity of people that count on to finish their purchasing within the first half of December and a lower of 14 proportion factors in these planning to complete within the second half of the month — suggesting a busy spending interval within the two weeks following Thanksgiving.”
The ICSC survey, performed on-line from Sept. 23 to 25, reached a demographically consultant pattern of 1,009 U.S. customers.
Stephanie Cegielski, ICSC’s vp of analysis, advised WWD: “This 12 months goes to be loads like years previous. Ninety-two % plan to spend in a retailer; 86 % can even store on-line, however solely 8 % will store strictly on-line.
“Customers are doing each. That’s been a constant sample.”
Cegielski stated present playing cards will as soon as once more be the number-one present. “It’s a development we’ve been seeing for awhile. It actually began to extend through the pandemic when there have been provide chain points.”
Requested if the completion of the presidential election cycle would affect purchasing attitudes, Cegielski stated: “I don’t suppose it can. The number-one concern is the price of items.”
Geopolitical components additionally weigh on folks’s purchasing choices, she added.
Requested what she thought of most stunning among the many survey’s findings, Cegielski stated: “Nearly three quarters really feel their monetary state of affairs is healthier this 12 months than final 12 months going into the vacation. It positively feels a bit of contradictory that inflation will affect purchases however folks really feel their monetary state of affairs is healthier.”
9 in 10 vacation customers within the survey stated inflation will affect their purchases. Thirty-seven % stated they plan to spend extra this 12 months, with 42 % attributing it to increased costs. Vacation customers plan to spend a mean of $706 on items and associated gadgets — probably the most since 2018, in keeping with ICSC.
“This 12 months has proven a extra reserved, but resilient, shopper as an unsure financial panorama and sensitivity to increased costs have impacted many households,” stated ICSC president and chief government officer Tom McGee, in an announcement. “On the similar time, falling inflation and regular shopper spending have stored retail gross sales on strong footing all year long, and we anticipate one other robust vacation purchasing season.”
The ICSC is a commerce group supporting marketplaces and areas the place folks store, dine, work, and play with conferences, alternatives to attach companies and efforts to form public coverage.