In order to keep within their budgets, more shoppers used gift cards this holiday season.
New York–As retailers head into the home stretch of holiday sales this week, a new study found that consumers are shopping smarter and still finding ways to reward themselves in the process.
According to WSL/Strategic Retail’s “Holiday Season 2011 Pulse of Shopping Life” survey released today, consumers have been using some creative budgeting tactics this holiday season such as redeeming reward points and gift cards.
“A tough economy has suppressed shoppers’ holiday spending plans this season,” said Wendy Liebmann, ceo at WSL/Strategic Retail. “In an effort to recession proof their gift lists, shoppers are using up rewards points and gift cards, purchasing a little each week, and resisting the temptation of stores where they tend to overspend.”
But even while being smart about their shopping, consumers are also “self-gifting” especially in apparel, electronics and books.
Self-Gifting Too
“Shoppers have creatively managed to save more on others, and are now rewarding themselves and taking advantage of the great holiday sales to buy things for themselves that they had been putting off,” add Candace Corlett, WSL/Strategic Retail’s president.
Among the finding on consumers’ “smart shopping habits” are:
●Resisting temptation: shoppers are resisting the usual temptations, with 35% avoiding stores where they are tempted to overspend, while 23% stick to buying affordable brands, and 18% are making fewer trips to stay out of the stores.
●Finding new Internet inroads: shoppers continue to seek deals online with gift givers bidding for items on eBay or other online auction sites (10%), using smartphones to help them shop (8%), buying deals on discount sites like LivingSocial or Groupon (7%), or checking for deals on their social networks or mobile device (5%).
●Using up rewards points: nearly 30% of shoppers are using reward points to buy gifts this season.
●Tracking spending with gift cards: as a means to keep themselves on their budgets, 30% of shoppers are purchasing gift cards to pay for gifts.
●Paying-as-they-go: About 30% of shoppers say they are practicing a “pay-as-you-go method, buying a little each week before December 25.”
●Self-gifting: while shopping for others this holiday season, 66% plan to buy something for themselves.
●Women: top categories for self purchases include apparel (44%), beauty (25%), books (paper or digital) (23%), and electronics (18%).
●Men: top categories for self purchases include electronics (34%), clothing (27%), alcoholic beverages (23%) and paper or digital books (17%).
About WSL/Strategic Retail Survey
WSL/Strategic Retail conducted an Internet survey conducted from November 18 to 25. The survey included 1,500 respondents recruited from a national online panel. WSL/Strategic Retail draws several conclusions from the study as to how shoppers are balancing their budgets and making self-purchases this holiday season. www.wslstrategicretail.com.
