As consumers gear up for the holidays, it’s clear we’re in for another growth year in eCommerce. According to new data from the Visa Spending Intentions survey, 87 percent of people plan to do at least some of their holiday shopping online this year, with 40 percent saying they will do half or more gift-buying online. That’s good news for retailers, knowing that 72 percent of people also plan to spend more or the same amount of money on gifts this year, compared to last year.
In the first 10 months of 2013, eCommerce sales are up 17 percent from the same period last year, and Visa domestic eCommerce transactions exceeded one billion dollars on 211 days, an increase of 19 percent from 2012.
Other key findings from the Visa Spending Intentions survey include:
Electronic Payments are the Norm
- 25 percent of respondents plan to use their mobile phone or tablet for holiday shopping this year, up from 22 percent last year
- Credit and debit cards will be the primary form of payments through the holidays, with 56 percent of people planning to use their credit card and 30 percent to use a debit card
The Holidays are Big Business, for Big and Small Businesses
- Almost 50 percent expect to spend between $301 and $800, while 14 percent plan to spend more than $800
- More than 85 percent of consumers are as, or more, inclined to shop at a small business this year, compared to last year
Beat the Crowds, with a Tap of the Finger
- Online holiday shopping has become the preferred way to shop for a number of reasons, including:
- Fits my schedule better/Can shop anytime (67 percent)
- Better prices online (61 percent)
- Dislike battling crowds (54 percent)
Each year, millions of shoppers rely on Visa for holiday-related purchases, providing a near real-time view into consumer behavior. If you wish to receive regular updates throughout the holiday season, send an email to email@example.com or follow ongoing updates at http://blog-visa.fhstage2.com.
* 2013 VisaNet Data
This survey was conducted for Visa by Prosper Insights and Analytics via an online sample of over 4,600 U.S. consumers aged 18 and over.
Posted by: Wayne Best, Chief Economist, Visa on November 12, 2013 at 7:00 am