Cyber Monday sales were record-breaking high this year, and holiday spending is not stopping there.
NPD conducted a study to find out exactly how shoppers plan to spend their dough this holiday season. While overall holiday spend is projected to increase 7% this year, half of respondents said they’d rather plan an outing with loved ones than purchase an actual gift.
That being said, retailers can still expect a lucrative holiday season, and expect shoppers to take advantage of technological conveniences. According to the study, mobile holiday shopping has risen 19% from two years ago, and 20% of purchases will follow the convenient BOPUS method of being bought online and picked up in-store.
2019 is also shaping up to be a great holiday season for subscription services. More shoppers plan to spend on recurring revenue services for gifts this year, the top industries being beauty and fashion.
Tech also stands out as a popular spend trend this year. The mean tech spend is projected at $634 per shopper, a significant increase from last year’s $543 per person.
Overall, retailers can remain hopeful about this year’s holiday earnings. Going forward, as more consumers put money towards experiences and subscription gifts that keep giving, retailers will have to become more conscious of how they’re matching consumers’ evolving needs and purchase habits.