Shoppers expect to spend $1,496 per household this holiday season, with $511 going toward gifts, according to Deloitte's annual holiday survey. High spenders, those spending more than $2,100, make up 60% of total holiday spending, the report noted.
Shoppers will head online to purchase holiday gifts, with 53% planning their holiday shopping around Cyber Monday. Of the 4,410 survey respondents, 70% said they'll shop in early December.
Eighty-five percent of shoppers prefer free shipping to fast shipping, with "fast" defined as delivery within two days. Sixty-eight percent of shoppers who want free shipping are willing to wait three to seven days for delivery, and more than 80% are willing to wait three days or more for order delivery.
Deloitte's holiday report notes considerable opportunity to woo what it calls "high spenders" this holiday season. This group tends to be older, with 65% of the group older than 40. But they don't only spend more — they also spend differently.
Sixty-two percent of high spenders plan to use their smartphones to do their holiday shopping, compared to half of the general population and 45% of "low spenders" ($305 or less). Deloitte has found that overall, smartphone use for holiday purchases has increased by 11% since 2017.
Deloitte also found that shoppers who start before Thanksgiving spend 25% more than those who start afterward. Indeed, the rise of shopping days like Amazon Prime Day in July has begun to influence consumer bargain-hunting habits, as other recent reports have noted. RetailMeNot found that 70% of shoppers who shopped on Prime Day purchased a holiday gift. But the Deloitte report also anticipates a later peak for holiday shopping this year, perhaps due to the late Thanksgiving date that pushes Cyber Monday into December.
Regardless of when they shop, Deloitte's sample demonstrates continued consumer confidence. One in five consumers say they plan to spend less than last year, but that's the same rate as the last two years. Only 7% of respondents expressed concerns about the economy. While ongoing trade tensions have factored into some consumer concerns, the solid jobs landscape and continued upward trend of the stock market may continue to encourage shoppers well into the holiday season.