40% of US Consumers Plan to Shave Holiday Spending, Says Accenture

Overall holiday spending is expected to fall, with the e-commerce share rising, Accenture forecast Friday. Forty percent of consumers say they will spend less than they did for the 2019 holidays, said a survey of 1,517 U.S. consumers fielded in August. Retailers need to shore up digital commerce with resilient supply chains, it said, while practicing “operational agility” and using data analytics with social responsibility. Getting consumers to shop earlier will be key to ensuring supply chains can meet intense e-commerce demand during peak shopping periods, Accenture said. About a third of consumers plan to shop earlier. It's “shaping up to be a very 'human' holiday season for consumers, with a desire to support the people who have served our communities,” said Jill Standish, senior managing director-global lead, retail. Three-quarters of consumers support retailers closing on Thanksgiving; 60% plan to minimize in-store shopping to reduce health risks to workers. About 57% said they would be inspired to patronize a retailer that supported its staff and customers during the pandemic; 41% said they wouldn’t shop a retailer that laid off or reduced staff due to the virus. Some 75 percent of consumers say they will do some holiday shopping online this year, up from 65% last year; 43% plan to shop exclusively online. Retailers need to fortify e-commerce capabilities, providing detailed visibility into demand changes and inventory and focusing on “seamless experiences and fulfillment efficiency,” said Brooks Kitchel, managing director-strategy, retail. Over three-quarters of shoppers want purchases delivered directly to their homes. Patience shown early during COVID-19 is waning: 56% said they won’t shop with a retailer again after an unsatisfactory delivery experience.