Given the uncertainty surrounding retail spending this holiday season, FTI Consulting conducted a consumer survey to understand the mindset of holiday shoppers.
The results offer insight into changing preferences, burgeoning trends, and the likely winners and losers from the fallout of COVID-19 and economic uncertainty. Three key customer insights will drive the holiday season:
- Consumers will spend less, as price and convenience are of utmost importance. One-third of individuals indicated that they would reduce spending by 10% or more.
- Consumers will shop online more than ever before. Nearly 80% of respondents answered "Yes" when asked if they were more likely to shop online relative to last year.
- Consumer preferences will impact product categories and retailers differently. Social distancing, work-from-home orders and an uncertain economy have caused us to change our priorities.
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