As the "Black Friday" shopping day draws near, consumers are looking for the best deals. Holiday shopping forecasters predict a good season this year, but not a great one, due to economic slowdown and Superstorm Sandy.
According to the second annual PeriscopeIQ Retail Intelligence Survey, one-fifth (20 percent) of the consumers are definitely planning to hit the stores that day.
As many as 40 percent of those polled are shopping online at work during the holidays and year-round.
Despite the hoopla about shopping on "Black Friday," only a little more than a third (38 percent) will "definitely" or "probably" shop, while 60 percent won't bother battling crowds the day after Thanksgiving, the survey reveals.
"Even before the disastrous hurricane, the PeriscopeIQ Retail Intelligence Survey results suggested a weak holiday season, resulting in a one-two punch for retailers who are already dealing with margin erosion due to showrooming, price matching and pre-shopping with mobile and online technologies," said Dr. Pawan Singh, CEO and Chief Scientist at PeriscopeIQ.
However, consumers nationwide report that they will spend less on holiday shopping this year in overall expenditures, in amount spent per gift, and with fewer gifts given, indicating weaker holiday sales.
The bad news is that, even prior to Hurricane Sandy, nearly a quarter (24 percent) plan to spend less on holiday shopping this year. Nearly three-fifths (58 percent) say they will spend the same overall and only 14 percent say they will increase holiday spending from 2011 levels.
The "Grinches" (17 percent) plan to purchase fewer gifts than last year while more than a fifth (22 percent), are planning on reducing their expenditures per gift.
In line with gift consciousness, 40 percent say that current gas pricing will impact how far they will drive for a bargain. Gasoline availability can also be expected to affect the holiday shopping of consumers impacted by Hurricane Sandy.
Virtually all respondents (95 percent) stated that "free shipping" is an important factor in deciding from which websites to make their purchases, the survey reveals.
