- Don-Alvin Adegeest |
The holiday season is fashion retailers' most lucrative time of year and according to Deloitte's Annual Holiday Survey, US consumers are expected to spend more than 2013.
Total Holiday spending is expected to increase by 13 percent to 1,299 dollars per household, while spending on gifts is expected to rise 9 percent to 458 dollars per household. The number of gifts consumers expect to purchase has increased to 13.4, up from 12.9 in 2013, but omnichannel consumers who shop across store, mobile and online channels are expected to spend 66 percent more on gifts that those that only shop in physical stores.
Meanwhile, the survey also found that online and discount/value stores are the top shopping venues for the holidays this year, with 45 percent of consumers planning to shop at the former and 44 percent planning to shop at the latter.
Clothing remains the most popular gifts items
The top gift item remains clothing, with 45 percent of respondents planning to buy it, while gift cards are still in second place with 43 percent although they are not as popular as they were in 2007 when 69 percent of people said they would buy them.
"With the short, 27-day shopping stretch between Thanksgiving Day and Christmas Day, retailers need to be sharp with their promotional timing, inventory management and distribution capabilities,” said Alison Paul, vice-chairman and retail sector leader at Deloitte LLP. “Retailers that can fulfil orders from both online distribution centres and store inventories, for example, may be more nimble and poised to respond quickly to pockets of high demand for certain gifts - and ensure timely holiday deliveries."