MORE THAN HALF OF AMERICANS EXPECTED TO TROLL FOR DISCOUNTS POST HOLIDAY, ACCORDING TO THE AMERICAN EXPRESS RETAIL INDEX ON HOLIDAY SHOPPING
Almost One-Third Plan to “Regift”
NEW YORK, December 17, 2003 -- There may be a new "Black Friday" for retailers this year: December 26. According to the 2003 American Express Retail Index on holiday shopping, consumers plan to flood stores looking for marked-down items and to use their gift cards after the holidays are over.
A majority of Americans (52 percent) plan to shop for discounts during the post-holiday season. This group dwarfs the crowds who had planned to shop the day after Thanksgiving, known as "Black Friday" (34 percent) and includes more women than men (61 percent vs. 39 percent).
"Post-holiday shopping is fueled by the search for even bigger discounts and the opportunity to use gift cards received over the holidays," said John Theiss, vice president, retail industries, American Express. "Consumers give every indication that they will continue to shop well after the holidays are over this year."
Returning gifts and spending more
One in three shoppers (36 percent) say they will return gifts after the holiday, according to the American Express findings. Thirty-four percent say they usually return "a few" gifts received during the holidays, while another 2 percent return "about half" of their gifts.
While more women than men will be trolling for discounts after the holiday, however, when it comes to returns, the opposite is true: more men (52 percent) than women (48 percent) say they will be returning holiday gifts.
And the younger the shopper the more likely it is that he or she will return holiday gifts: 42 percent of 18-34 year olds will return gifts, 39 percent of shoppers age 35-44, and 33 percent of shoppers 45 or older.
When shoppers make returns and buy something different, more than one in four (28 percent) say they "usually spend more than the cost of the item." Most (65 percent) "usually spend about the same." Only 6 percent said they spend less.
More than a third (36 percent) say they buy something totally different when returning gifts. Among the range of consumer options on returns, nearly three in four shoppers (74 percent) prefer exchanging a gift for a similar item in the post-holiday rush. Half (50 percent) say they will accept store or merchandise credit, 48 percent will opt for cash back.
Whose gifts get returned? More than one in four (27 percent) say they will or wish they could return gifts from members of their immediate family; 10 percent would return gifts from in-laws and 9 percent from business associates.
Regifting: The gift that keeps on giving
The survey found that nearly a third of shoppers (31 percent) have regifted at least one or more times. On average, those who do regift have done so three times. Women are more likely to regift than men (60 percent vs. 40 percent).
Shoppers with higher household incomes are more likely to regift. Nearly two in five (39 percent) of those with household incomes of more than $75,000 say they regift compared to nearly one in four (23 percent) of those who report household incomes of $25,000 or less.
Those past the Rockies are less likely to keep what they receive: 38 percent of consumers in the West admit to regifting. This compares to consumers in the South (34 percent), Northeast (29 percent) and North Central states (21 percent).
For some, it's not too early to think about the 2004 holiday lists: 3 percent will start gift buying "immediately after Christmas" and 7 percent in January or February.
The American Express Retail Index on holiday shopping was conducted by telephone between October 20, 2003 and October 28, 2003 and surveyed 803 heads of households, age 18 and older. The 2003 American Express Retail Index looked at buying attitudes, shopping trends and preferences among the general consuming public. The margin of error is +/- 3.5 percent.
American Express Company is a diversified worldwide travel and financial services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, investment products, insurance and international and online banking.
The American Express Retail Index on holiday shopping was conducted by telephone between October 20, 2003 and October 28, 2003 and surveyed 803 heads of households, age 18 and older. The 2003 American Express Retail Index looked at buying attitudes, shopping trends and preferences among the general consuming public. The margin of error is +/- 3.5 percent.