UPDATED 12/26/2008: Well obviously the good folks who did this study were more than a little off the mark. Everything I am reading says that holiday sales were terrible. I considered just deleting it but perhaps it is a good discussion topic. I suppose to be fair they also talk about strategic shopping. I don’t know if the discounters have done relatively better than the others. I’m sure the weather played its part.
I came across an interesting article today. It was reporting a recent study by Information Resources Inc. that indicated that consumer spending this Christmas may not be so bad after all. They say that consumers are tired of bad news and that they still want to preserve their Christmas experience.
On the other hand consumers also plan to be more strategic in their shopping. Here is an extract on how consumers plan to use promotions more. You can read the rest of the article by clicking on the link at the bottom:
Shoppers Take Advantage of Promotions to Preserve Rituals
Roughly three-quarters (74 percent) of shoppers will take more advantage of in-store promotions this year over last year, demonstrating shoppers desire to preserve rituals but their attempt to do so more affordably. Consumers also noted:
- 56 percent will take advantage of sales or promotions seen on TV or heard on the radio
- 53 percent will use coupons in newspapers more
- 43 percent will seek out more 2 for 1 and similar promotions
Shoppers are looking for ways to save money, while they preserve their holiday experience, continues Blischok. They are spreading out their spending to better fit their budget as well as taking advantage of early sales. They will be very creative in finding ways to save money. In addition to promotions, consumers will make better use of credit card or store reward points and utilize the Websites, blogs and social networking media to find deals.