Consumer Finance

Online and Mobile Still Not That Popular For Holiday Shopping

As merchants push to be the top online retailer leading into the holiday shopping rush, November’s Chain Store Guide Consumer Spending Report shows a majority of consumers won’t be shopping online or using their mobile device to make purchases this holiday season.

Holiday shopping should boost consumer spending, but only 24.2 percent of adults surveyed said they would be shopping online. Of that response, 16.4 percent say they’ll use a computer, and only 7.8 percent said they would use a mobile device. Retail CSG showed spending increased 1.9 points between September and October. More than one third, or 34 percent, reporting spending more this month compared to September. And what are people more likely to spend more on in November? Clothing, footwear and accessories, respondents reported. Most areas of retail saw an increase in what consumers planned to spend money on.

The CSG reported that consumer spending is expected to continue to rise with the holiday season, but only 29 percent reported they plan on spending more in November than they did in October. Some 34 percent of consumers reporting spending more in October than September. The largest age group reporting they’d be doing their shopping online was 18-39 year-olds, but still only 32 percent responded they’d be shopping online. Only 12.6 percent of those 65 and older and 21.7 percent of those 40-64 reported they would shop online.

Overall, the CSG U.S Spending Monitor decreased 1.7 points between September and October, and while the number of adults who rated the economy as excellent shifted upward 1.5 percent from 3.1 to 4.6 percent, 74.5 percent still rate the economy as fair or poor. That’s a 1.2 percent increase from July. What’s most noteworthy is the shift in age groups that believe the economy is improving. In July, a combined 33.7 percent of 18-39 year olds believed the economy was excellent or good; In October, only 21.4 percent believed the same. In contrast, in July, only 19.6 percent of those 65 and older believed the economy was excellent or good, compared to 26.8 percent in October.. Those that are aged between 40-64 have stayed constant, but their views of the economy have slightly increased with 24.4 percent in October rating the economy as excellent or good, compared to 20.4 percent in July. Consumer confidence in the economy also coincides with the percentage of people that believe their personal finances are slipping.

In October, 9.1 percent viewed their personal finances as excellent, and 32.2 percent reported finances being good. November’s numbers show that number has decreased to 8.8 percent as excellent and 30.1 percent as good. The youngest of the adult population (18-39) surveyed revealed being more confident in their personal finances, with 30.9 percent reporting they are getting better; Only 22.7 percent of those age 40-64 believe their finances are improving.

The CSG monitor has had seen a steady decrease since September, and prior to September that number had been on a steady rise since July. The peak for CSG spending monitor this year was in May, which was met with a decline until picking back up in July. The restaurant spending index also hit its peak in May, but had a sharp decline util June where it picked back up again at a steady pace until September. The CSG restaurant spending index decreased 1.8 points between September and October. Survey results revealed that 42 percent of adults reported eating out less in October than it did compared to six months ago. A majority of those consumers (64.6 percent more) also reported they are eating at fast food restaurants more.

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