Majority of consumers plan to shop online this holiday season
Based on a survey of shoppers completed by Overstock.com, a discount online shopping retailer, 75% plan to shop on Black Friday (Nov. 29) and of those, 57% plan to do it online. Cyber Monday (Dec. 2) will bring in 66% of shoppers online. The survey also revealed that consumers expect savings of up to 40% off during the Black Friday and Cyber Monday retail period.
"Online shopping allows consumers to make purchases comfortably from their home while avoiding the holiday rush, waiting in line, fighting traffic and suffering the weather," says Overstock.com Chairman and CEO Patrick M. Byrne. "Overstock offers great deals on high-quality products that can be shipped directly to your door."
The majority of online shoppers will be younger consumers. According to a study by CFI Group, 50% of millennials intend to spend more than 40% of their holiday shopping budgets online, compared to 38 percent of baby boomers.
Overstock.com's survey also showed that 74% of shoppers believe that retail stores should not be open on Thanksgiving Day; however, sales last year indicate otherwise. Last year's Thanksgiving Day sales increased by 55% from the previous year as more stores opened on the holiday, according to Chicago research firm, ShopperTrak.
Consumers will also be avoiding the holiday rush by shopping on their mobile devices. According to a study done by Google, 76% of adults will browse and research products on their phones this year, and 25% will actually buy gifts on their devices this season.
When asked what consumers do with gifts they receive and do not want, 19% said they will re-gift the item. These responses are the result of a survey of 809 national shoppers.