Predictions about more online spending seem plentiful this year. According to a recent story from Media Post Marketing Daily, Forrester Research predicts an increase of 16% in holiday e-commerce this year over last (click to link). Another Media Post story, published over the weekend at Online Media Daily, suggests that more consumer spending is moving online, citing data from a Complete Holiday Insights survey (click to link).
Implications: There’s been a lot of talk over the past few years about how consumer priorities have shifted; among the frequently offered assertions is that people are more focused on saving money than convenience.
I contend that while people are more concerned about saving money, they are no less concerned about saving time. (Indeed, many wage-earners are working much harder for the same pay as they might have received a few years ago.)
Perhaps greater use of online tools is a reflection that both time and cash savings are important. Perhaps the change is because people have grown increasingly comfortable with technology and online shopping. What other motives might be driving this evolution?
Here’s another possibility worth considering: My wife and I started holiday shopping several weeks ago, hoping to spread our gift spending over several pay periods. Based on the traffic I’ve seen at the stores we’ve shopped, we’re not alone. More and more people seem to be shopping early this year, in order to manage the cost of the holidays more effectively. Does this earlier shopping commencement facilitate more online purchasing (as people don’t are less likely to suffer the anxiety of wondering whether an item will show up on time)?
Mike Anderson
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