Millennials are generally considered the hot consumer segment, but it’s the retailers who are heavy in Boomers and Gen X’ers that we are seeing pop this holiday season.
Worthington, Ohio (PRWEB) November 18, 2014
Prosper Insights & Analytics, a leading provider of advanced business intelligence, released the Holiday 2014: Retailers to Watch at the Morgan Stanley Global Consumer and Retail Conference today. Pam Goodfellow, principal analyst for Prosper, presented unique findings about select retailers along with emerging holiday trends.
Overall, spending plans are up this holiday season likely due in part to consumer confidence being at a seven year high, consumers edging off heightened practicality caused by the recession, and gas prices easing immediate pressures on budgets. However, it’s not smooth sailing for every retailer. Shoppers will still be looking for sales and big discounts and spending only what they have to, making waves for retailers to navigate this year.
Holiday 2014 Retailers to Watch: Holiday Spending Plans* and Quick Hits
Amazon Shoppers: Holiday spending plans up 9.9% year-over-year
- The online behemoth continues to grow their customer base by courting younger, more affluent online shoppers.
Nordstrom Shoppers: Holiday spending plans up 7.5% year-over-year
- The only shopper group to place quality (76%) ahead of sales/promotions (74%) when holiday shopping.
Walmart Shoppers: Holiday spending plans up 5.3% year-over-year
- These shoppers have more confidence, are happier and in a better savings position than they were last year. Also, they perhaps are the most likely to benefit from easing gas prices.
Costco Shoppers: Holiday spending plans up 5.2% year-over-year
- This warehouse club’s shoppers tend to be a little older, but those are this year’s big spenders.
Kohl’s Shoppers: Holiday spending plans up 3.0% year-over-year
- Kohl’s draws a big Boomer crowd of shoppers who love the stores heavy discounts and promotions.
Best Buy Shoppers: Holiday Spending plans up 1.3% year-over-year
- Their biggest challenge is getting their shoppers to spend money with Best Buy this year, rather than the online competition.
TJX: Holiday Spending plans up 1.3% year-over-year
- One of the most mobile-savvy shopper groups, TJX customers may shop around for that perfect, specific gift.
Target: Holiday Spending plans up 1.1% year-over-year
- Perhaps attributable to last holiday’s data breach, Target shoppers have gotten younger and are more likely to pay with cash—which restricts spending.
Macy’s Shoppers: Holiday Spending plans down 1.8% year-over-year
- From a demographic standpoint, Macy’s shoppers aren’t too different from Kohl’s shoppers. Although they earn about 5% more, Macy’s shoppers plan to spend 14% more on holiday than their Kohl’s counterparts. Could be a case of keeping up with the Jones’ that’s wearing budgets a little thin this year.
Source: Prosper Insights & Analytics™
*Holiday spending plans include gifts, décor, cards, food, flowers and self-spending
“Millennials are generally considered the hot consumer segment, but it’s the retailers who are heavy in Boomers and Gen X’ers that we are seeing pop this holiday season,” said Pam Goodfellow, Principal Analyst and Consumer Insights Director for Prosper. “Combined, Boomer and Gen X shoppers are expected to account for 67% of total gift spending this holiday season, and the year-over-year holiday outlook for these shoppers has improved, while Millennial spending intentions have remained relatively flat.”
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Prosper Insights & Analytics™
Prosper Insights & Analytics provides advanced business intelligence using sophisticated analytical software to examine big datasets and provide answers to executives via its cloud-based InsightCenter™ platform powered by Prosper Technologies. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper Insights & Analytics delivers insights for executive decision making. Further, it is continually identifying unique insights through analytics to enable marketers to make knowledge-based decisions rather than relying on intuition. To learn more: http://www.ProsperDiscovery.com
Chrissy Wissinger, Director, Communications
Pam Goodfellow, Consumer Insights Director