Wednesday, October 25, 2017

Forecast: On-Line To Surpass In-Store Holiday Spending

Deloitte is predicting that this year, people expect to do 51% of their holiday spending online, making it the first time it may surpass in-store spending. Among high-income families, the online impulse is even stronger, with those earning $100,000 or more saying they plan to do 57% of holiday spending online.

And Amazon’s share of that continues to increase, with a new report from Consumer Intelligence Research Partners finding that Amazon Prime membership in the U.S. is now topping 90 million.

This is Deloitte’s 32nd holiday survey, completed online based on a sample of 5,000 adults, with average spending of $1,226. (Households earning $100,000 or more intend to spend $2,226.)

Only a third of that -- $430 -- is for gifts. A greater share -- $480 -- is earmarked for holiday entertaining and socializing outside the home. Deloitte says the increases seem to be driven by healthy levels of cash confidence, with 81% of the sample saying that their household financial situation is the same or better than it was a year ago. In last year’s survey, just 63% said so.)

According to MediaPost, total holiday spending is expected to average $1,226, which includes gifts (and gift cards) as well as non-gift clothing and home furnishings as well as other ways to celebrate.

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