Dive Brief:
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More than three quarters — 77% — of U.S. consumers plan to spend at least as much as they did last year at the holidays, if not more, according to a new survey by customer engagement and analytics company PunchTab. The company found that even millennials plan to spend 15% more this year.
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A great big majority — 90% — will shop online, no surprise at this point in the e-commerce game. A few (15%) started shopping last month, 19% this month, but most will start their holiday shopping in November (40%) and into December (19%).
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A big 58% say they’re not sure what they’ll be buying or where. Top general-merchandise retailers like Target, Amazon, and Wal-Mart Stores are set to be the busiest. PunchTab last month surveyed 1,143 consumers in the United States regarding their holiday shopping plans.
Dive Insight:
There aren't a whole lot of surprises here, but one of the biggest take-aways of this survey is that while shoppers are planning to spend more this year, they’re haven't started much planning — a big opportunity to get them in. Most will spend some time online, and more than ever on smartphones, so retailers should be ready for that. PunchTab found that social media is how younger people share information about shopping and retailers, while older ones use old-fashioned word of mouth. But this is also another survey finding that discounts and loyalty program perks are important to shoppers this year.