Have you started checking things off your gifts list yet? If so, then you are in good company. With a little over a month left until Christmas, most shoppers have already started making progress on their lists. According to the latest Compete Holiday Insights™ survey, over 60% of the people surveyed have completed part their holiday shopping, a 20% increase compared to a month ago. Close to 15% of the people surveyed have completed at least half of their holiday shopping so far. It would not be surprising if these early birds have already tied on the ribbons and stuck on the bows.
The top three most popular gifts last week were clothes and shoes, toys and games, and gift cards. Compared to two weeks ago, the number of people who bought clothes and shoes doubled. It seems as if Santa wanted to make sure people will be dressed in style while playing with their toys or going out shopping.
Last week, brick-and-mortar stores had a slight win over online retailers with people spending about $15 more in-store than online. Shopping online was not as popular as the prior month, with spending dropping by more than half. Moreover, shoppers appear to have cut back on their spending overall. The decline could be attributed to dollars being allocated to smaller-ticket items from big-ticket items such as electronics. However, retailers should not be too concerned since 38% of those surveyed have not even started their holiday shopping. With the two major shopping events coming up, shoppers could just be holding off their holiday purchases until then.
Stay tuned to find out whether shoppers are cutting back on presents or just waiting for Black Friday and Cyber Monday deals.