The good news is, most shoppers prefer to support local retailers. The reality news is, an even higher percentage say they prioritize shopping where the prices are the lowest. Unfortunately for some retailers, those two don’t always match up.
Those are just a few of the figures released by the First National Bank of Omaha which annually sets out to study our buying habits in a bid to help the business community gauge what to expect from the all important holiday shopping season.
The bank’s 2018 Shop, Buy, Give Survey is out, delving into consumer purchasing preferences and tendencies which help to offer valuable insight for local businesses of all sizes working through the critical shopping and marketing season.
Jerry O’Flanagan is Executive Vice President of the Consumer Banking Group at First National Bank of Omaha. He tells us, “During peak shopping season, retailers and e-Tailers are all vying to maximize sales, which offers so many options to consumers.” He notes, “While the trend continues toward Cyber Monday as the preferred shopping day, First National Bank of Omaha encourages everyone to shop locally when possible.” O’Flanagan adds, “It’s important to note that many local retailers also offer the convenience of online shopping and the money you spend stays within your community.”
Highlights from the survey include:
Consumer Behaviors:
- 69-percent of Americans prefer to support local retailers, however 71-percent say they prioritize shopping where prices are the lowest…
- 64-percent planned to shop during Cyber Monday, versus 50-percent on Black Friday and 47-percent on Small Business Saturday…
- 47-percent start their holiday shopping in November, while 18-percent report they do a majority of their holiday shopping in December…
On Budgeting:
- 61-percent say they stick to their budget during the holidays…
- 54-percent report they spend $500 or less on holiday gifts…
- 52-percent report that they plan on spending the same amount on all holiday related expenses this year as they did in previous years, while 31-percent say they plan on decreasing this year’s spend…
On Online Shopping/Social Media:
- 63-percent of respondents report that they are more likely to make a purchase from a store if they see a discount for that store on social media…
- 56-percent of Americans plan to purchase holiday gifts online, while 44-percent say they are more likely to make purchases in-store…
Consumers on the ‘Season of Giving’:
- 55-percent of respondents say they are more likely to support a retailer that has a charity component…
- 51-percent of respondents will give back this year by donating items, 48-percent will donate money, 38-percent will give back by supporting local businesses and 31-percent will volunteer.
The study was conducted online using Survey Monkey. One thousand participants were polled, spanning across the United States. The demographic of those polled represented a broad range in generation, geographic location, and gender.
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $21 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.
