) Holiday Shopping Survey report, the consulting firm expects
U.S. consumer spending during the holiday season to increase 11%
over the previous year.
The online survey was conducted on 500 U.S. customers, which
revealed that the planned average spending per gift is expected
to increase from $582 to $646. Despite the increase in spending,
the study noted that 94% of the surveyed people were keen on
discounted deals, up from 84% last year.
In addition, 49% of the customers confirmed that they have
budgeted three-quarters of their purchases for discounted or sale
items. The study indicated that shopping on Black Friday will be
a rage as 55% of shoppers planned to shop that day, which
increased from 53% in 2012.
Online shopping is expected to be the preferred medium with
30% shoppers voting in favor of shopping online on Black Friday.
In all, 63% shoppers are expected to resort to online shopping, a
significant increase from 56% in 2012.
The Accenture Holiday Shopping Survey report also indicated
that an increase in discretionary income will compel buyers to
spend more this holiday season.
Moreover, retail bellwethers such as
Wal-Mart Stores Inc.
) and hhgregg Inc. have also braced themselves to capitalize on
the increased spending level during this holiday season.
Retailers have resorted to early-hour store openings, promotional
events, free shipping on online purchases or heavy discounts to
lure holiday customers.
Thus, despite the economic concerns and low consumer
confidence in September, Accenture's positive survey indicates a
respite for the retailers targeting the holiday season.
Currently, Accenture has a Zacks Rank #3 (Hold).
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