Target (NYSE:TGT) and Walmart (NYSE:WMT) are the most intended destinations for last minute shoppers. According to a study by Vennli, 15 percent of U.S. shoppers are waiting for the last minute to complete their holiday shopping. And almost two thirds, 69 percent, intend to shop at Target and 66 percent plan to visit Walmart.
The next most popular stores did not even come close to getting as much of the vote, as 25 percent of respondents said they would shop Macy's and 7 percent would shop Nordstrom.
Included in the Holiday Shoppers Just Don't Care if Retailers Open on Thanksgiving survey, Target also came out on top, with 79 percent of the vote, as the retailer of choice to shop throughout November and December.
"For retailers to come out ahead in the holiday season, they have to listen to what shoppers want," said Gary Gigot, CEO and co-founder of Vennli. "Our findings point to what could be a highly competitive shopping season this late in the game, and factors such as 'low prices,' 'easy for shoppers to find what they need' and 'open when shoppers are available' are important leverage points for retailers."
While Target and Walmart are considered similar in that both big box retailers promote low prices and a wide variety of products, Target is generally perceived as having a more helpful staff and Walmart wins on price matching. These unique appeals capture different customer segments. For example, more men who wait until the last minute will shop Walmart because of its hours, free returns and buy online pickup in store program. However, female millennials prefer Target for its helpful staff and ease of finding what they need.
Macy's and Nordstrom lead the pack for department stores. Macy's won out on holiday promotional sales and be able toe hop for multiple people in one place but Nordstrom won out on helpful staff and return policy.
Last minute shoppers could lead to a big pay-off for Target and Walmart as this segment spends more than those who shop early in the season. They also visit stores more frequently as the holiday deadline looms and contribute to 34 percent of overall holiday spending, according to a study by Cardlytics.
-See this Vennli study
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