Thanksgiving Day is for eating turkey, watching football and shopping for apparel. According to a recent research by the Georgetown Institute for Consumer Research, sponsored by KPMG, 86 percent of consumers plan to purchase apparel during Thanksgiving sales, beating out electronics and recreation items, both 67 percent. And most consumers plan to visit stores they already know and love.
The shift to apparel differs drastically from 2013, when nearly all shoppers, 95 percent, planned to shop for electronics.
Consumers will be shopping both online and in-store, 83 percent. Of the one channel shoppers, 12 percent will shop only online and 5 percent will shop solely in brick-and-mortar.
On average, most shoppers will spend around $366.67 on Thanksgiving sales, split between in-store and online. Only slightly more consumers, 83.5 percent versus 73.4 percent, will spend the same or less shopping in-store or online. Small subsets of consumers planning to spend more this year are men and high-income individuals who plan to shop online.
Most consumers will visit stores they are familiar with—64 percent will visits stores they already frequent regularly. And they plan to pay with debit cards—the most popular form of payment—or credit cards and cash.
"Our findings indicate that this year's Thanksgiving sales will compel consumers who are seeking deals and who would not buy without a deal," said Kurt Carlson, director of the Georgetown Institute for Consumer Research. "This is good news for retailers. But there also is bad news. Most of the consumers in our sample will shop at stores they already frequent, which means that while the price discounts will compel consumers to buy, retailers offering deals will not attract new consumers to their stores."
Perhaps consumers will be visiting their favorite stores for gift cards, as 62 percent of shoppers said they would like to receive a gift card this holiday season, making it the most requested gift item for the eighth year in a row. Shoppers are expected to spend $31.74 billion on gift cards this year, according to an October National Retail Federation survey. And gift cards might just be the perfect gift idea for the 45.6 percent of holiday shoppers who haven't started shopping yet.
-See this Georgetown Institute for Consumer Research study
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