According to Coresight’s Holiday 2019: U.S. Shopper Survey, almost six in 10 holiday shoppers are concerned about tariffs causing prices to rise on holiday gifts. Only 16 percent would absorb those rises and increase their spending.
The survey of 1,784 U.S. consumers last month found that when asked they’d do if prices were to go up, 22.5 percent said they would buy fewer items and 22 percent would switch to a cheaper retailer. Nearly 70 percent said they would still spend the same amount of money and not increase their spending to keep up with the price hikes, meaning they would likely end up buying fewer goods.
“We think our survey results should sound alarm bells for retailers looking to pass on cost increases even if those come after the holidays: A majority of shoppers are unwilling to accept price hikes and will look to trade down in volume, by retailer, or by product,” Coresight CEO and founder Deborah Weinswig said in the report.
Other key findings from the study:
- Holiday shoppers are cross-channel shoppers: Just over two-thirds expect to buy online and in-store. Stores are the top channel for browsing, comparing and getting gift ideas.
- Shoppers primarily turn to e-commerce to strip friction from the shopping: to avoid crowds, save effort or save time. Shoppers most often choose to buy in-store for ease of browsing, to see products in person and for the enjoyment of the experience.
- Walmart and Amazon will be the most-shopped retailers this holiday season. Amazon shopper numbers are supported by Prime members.
- The survey suggests Walmart and Target stand to lose the most shoppers to Amazon.
