New Data From Quantum Metric Finds Majority of Americans More Emotionally Invested in 2021 Holiday Season, Boosting Expected Ecommerce Spending
– Americans 56 percent more likely to see the holidays as important or meaningful
– Half (47 percent) plan to spend more on the 2021 season than pre-covid
– Majority (62 percent) plan to primarily shop online
Despite COVID-19 restrictions lifting across the country, ecommerce will remain the primary way Americans complete their holiday shopping this year. That’s according to a new survey on 2021 holiday shopping behaviors from Quantum Metric, the pioneer in Continuous Product Design (CPD) that helps organizations build better digital products faster. Results show that the majority of Americans (81 percent) did more than 50 percent of their 2020 holiday shopping online and plan to purchase the same amount, if not more, of their gifts online this year.
Marketing Technology News: Xtremepush Secures $33m In Growth Finance To Scale Globally
Capturing customer insights across $77B of retail ecommerce transactions, the Quantum Metric platform has seen a 16 percent increase in quarterly online sales for the first half of 2021. The company predicts another surge in ecommerce holidays sales similar to the spike seen in November and December of 2020. To corroborate those results, the company polled 2,000 U.S. consumers aged 18+ on their expected holiday shopping behavior and motivators.
With many families unable to celebrate the holidays together in 2020, two in three consumers (64 percent) expect the upcoming season to be more meaningful than in years prior, making Americans 56 percent more likely to be emotionally invested in the 2021 holidays. The added pressure will lead nearly two in three (62 percent) to spend more than they had before the pandemic, as the majority (54 percent) seek gifts that represent a personal connection with the recipient. This emotional spending is driving up consumers’ expected budgets, with one in three (30 percent) anticipating they’ll spend up to $1,000 on the holidays, while another one in four (23 percent) say they will spend up to $2,000.
“Our findings show that the surge in 2020 ecommerce holiday sales wasn’t just a result of the pandemic, it signified a major shift in shopping behaviors that will continue into the upcoming season,” said Mario Ciabarra, CEO of Quantum Metric. “With emotions high, retailers need to create digital experiences that are personalized and intuitive, allowing consumers to focus less on how they shop and more on finding the best gift for friends and family. Using methodologies, such as Continuous Product Design, to collect, identify, and quantify real-time customer insights are key to building these meaningful moments.”
Marketing Technology News: MarTech Interview With Anu Shukla, Co-Founder & Executive Chairwoman At Botco.Ai
Additional findings from the survey include:
- Consumers are shopping distracted – Consumers will take an informal approach to holiday shopping, with three in four (72 percent) choosing to browse for gifts while at work, watching TV or doing other tasks. Even with their attention divided, nearly two in five (37 percent) will take less than a day to make decisions on holiday gifts.
- Retailers shouldn’t bet everything on Black Friday – Despite the buzz, one in three (36 percent) won’t shop on major sale days like Black Friday or Cyber Monday. In fact, half of consumers (50 percent) plan to start buying holiday gifts well before Black Friday. While two in three (66 percent) avoid major holidays due to out-of-stock issues and potential errors in their online shopping experience, one in four (76 percent) say they just prefer to shop more sporadically.
- Millennials are personal shoppers; Gen Z focuses on convenience – Millennials (age 25-44) are the most likely to purchase gifts with a personal tie (58 percent), with nearly one in three (29 percent) taking a week to make a purchase. Meanwhile, Gen Z shoppers (age 18-24) are focused on convenience with one in three (29 percent) preferring to use holiday gift guides and one in four (23 percent) taking less than an hour to make a decision on a gift.
Marketing Technology News: MarTech Interview With Bosko Milekic, CTO And Co-Founder At Optable