8 Holiday Shopping Myths Most Americans Don’t Know

Getting ready for the holidays can be an extremely stressful endeavor, and the majority of us just do not have the time to spend looking for information on consumer trends and all of the other factors that contribute to the success of the holiday retail industry.

But, as the proverb goes, knowledge is power, and before you spend money to make the holiday season as merry as it possibly can be, it is helpful to have an idea of the big picture at hand and to nab some answers to high-stakes questions.

This will allow you to make decisions that are in your best financial interest. Take, for example: What kind of customer behavior are businesses expecting to see this year?

How many individuals plan to spend money that they don’t have this holiday season? Where and how do individuals typically do their shopping?

In what ways are the pandemic and inflation contributing to this situation?

It’s Possible That Free Holiday Returns Will Be Phased Out Soon

The total amount of money spent on holiday returns in the United States has been gradually increasing, and it is anticipated that they will exceed $158 billion this year

 Due to inflation, there are some stores that just can’t afford it, and as a result, they are offering a restricted return window or charging a restocking fee.

Some retailers, including Gap, Old Navy, Banana Republic, and J. Crew, have reduced the amount of time customers have to return regularly purchased items to within one month.

Mail-in returns are currently subject to a cost of around $6 at Anthropologie, REI, and LL Bean.

This Year, Consumers Began Their Holiday Shopping Earlier Than They Typically Do “In the fall of 2021, 40% of consumers had already started their holiday shopping, and a third shopped even earlier in the year,” said Dave Fisch, general manager of Shopkick.

“This is an earlier start to holiday shopping than we typically see,” This year, the holiday shopping season began much earlier than usual due to concerns about rising prices throughout the holiday season.

In fact, 56% of customers have already begun their holiday shopping in the month of October as opposed to waiting until later in the season.

Only 26% of Consumers Wait Until the Last Minute to Shop According to a poll conducted by Drive Research, only 26% of consumers wait until the week leading up to Christmas to finish all of their holiday shopping.

The majority of respondents (47%) indicated that they won’t complete their Christmas gift shopping until early to middle of December.

Crowding during the holiday shopping season is one of the primary reasons why you shouldn’t put off your purchases. 58% of shoppers said that they won’t shop during Cyber Week 2022 because they don’t like being in crowded places.

This Year, More Discounts Are Being Offered By Smaller Businesses Than In Previous Years.

Because Of Inflation, Many Small Businesses Are Concerned That This Year They Will Not Experience The Same Number Of Sales As They Typically Do.

As A Result, Some Firms Have Begun Ordering Their Inventory Earlier Than Usual And Are Reducing Things In An Effort To Attract More Buyers.

It Is Anticipated That Cyber Monday Will Be The Busiest Shopping Day Of The Entire Year.

Despite The Fact That Consumers Are Shopping Earlier Than Usual This Year, The Day With The Highest Projected Sales Is Still Cyber Monday.

On Cyber Monday, Which Will Take Place On November 28 This Year, Consumer Spending Is Expected To Total $11.2 Billion, According To Recent Reports.

According To Estimates, Retailers Made $9 Billion During Black Friday Sales, While Thanksgiving Sales Brought In An Estimated $5.1 Billion.

This Year, Fewer People Will Make Use Of The Buy Now, Pay Later Payment Option.

In The Year 2021, It Was Anticipated That 66 Percent Of Consumers Will Choose The Financing Option Known As “Buy Now, Pay Later” To Cover The Cost Of Holiday Gifts And Other Necessities.

However, Only Four Out Of Ten People Plan To Use That Service To Purchase Gifts This Holiday Season. Gen Z Users Accounted For The Majority Of Bnpl Users, With Millennials Coming In A Close Second.

The Use Of Curbside Pickup Is Still Common

Despite The Fact That At The Height Of The Pandemic, Curbside Collection Became More Popular, A Lot Of Customers Still Prefer The Service. On The 22nd And 23rd Of This Month, It Is Anticipated That 35 Percent Of Orders Would Be Picked Up At The Curbside.

According To The Opinions Of Several Shipping Specialists, The Primary Motivation Is To Cut Down On The Costs Of Transportation.

It Is Speculated That In-Store Shopping Will Increase.

Although The Majority Of Consumers Still Prefer To Do Their Shopping Online, Industry Analysts Anticipate Seeing An Increase In The Number Of Customers In Physical Stores In 2018.

As A Result Of In-Store Incentives That Aren’t Offered Online, It Is Anticipated That This Year’s Holiday Season Retail Sales Would Rise By 7.9% When Compared To 2021.

This Year, Larger Stores, Like Small Businesses, Will Be Increasing The Number Of Sales And Promotions They Give In Order To Attract More Customers Despite Rising Prices.

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