Paula Gardner/MLive – You’re expected to spend quite a bit in the next few weeks.
The retail world is geared up for the holiday shopping season, which is the time of year when many stores make money – or lose it. And they’re working hard to lure you in.
Yes, commercialism has threaded itself into the holiday. And yes, some people still fight it.
But retailers are looking at spending projections, and they like what they see: Overall, shopping during this holiday season is forecast to increase 4 percent to $682 billion.
One reason: There’s an extra full shopping day.
Plus, many of us feel good about the economy. The International Council of Shopping Centers forecasts the average American will spend $728.40.
“Consumer confidence is at an all-time high,” said Jeff Green, retail expert.
Black Friday will remain the busiest day of the weekend with 70 percent planning to shop then (115 million), the National Retail Federation says.
43 percent are expected to shop on Saturday (71 million), with 76 percent of that group saying they will support Small Business Saturday.
On Sunday, 21 percent expect to shop (35 million).
48 percent are expected to shop on Cyber Monday (78 million).
We’ve seen a lot of reports about retailers cutting back, but many stores will still open on Thanksgiving. The reason: 32 million Americans are expected to shop that day.
In October, about 50 retailers announced they wouldn’t open. Some have never opened on Thanksgiving, like Von Maur. Others may not be big destinations, given their very focused inventory – think Tractor Supply Co.
Only two shopping centers in Michigan – both Tanger Outlets – will be open all night from Thanksgiving through Black Friday morning.
Several malls say they won’t open, giving their inline stores a break, or will open late on Thanksgiving. In many cases, the anchor stores are driving those hours. Technically, they get to make their own decisions; in reality, if they’re luring shoppers onsite, it’s tempting in this retail environment to try to get them into more stores.
Going to spend the same as last year?
About half of Americans say that’s their plan.
But are you 18-24? You’re the group that are in the retail bulls-eye: This is the age group that plans to spend more.
“As Gen Z and Millennials gets older, their purchasing power increases, and the rise in disposable income is sure to be seen by retailers,” NRF President and CEO Matthew Shay said in a news release.
“But among those ages 18-24 — which includes the oldest members of Generation Z — 46 percent say they will spend more than last year. The next-closest group was those aged 25-34 years old, with 39 percent planning to spend more.”
Credit cards: 40 percent.
Debit cards: Also 40 percent.
Cash: 18 percent.
Checks: 2 percent.
Some also will use emerging forms of payment.
PayPay: 36 percent
Apple Pay: 7 percent
Samsung Pay and Google Wallet: 4 percent each
Venmo: 3 percent
