CHICAGO — More than one in four (26%) consumers plan to spend less on holiday gifts this year; 16% will reduce spending on celebration-related food and beverages; and 11% will lower their budgets for holiday beer, wine and spirits, finds SymphonyIRI Group’s “Holiday Shopping 2011” report.
When it comes planning celebrations, 71% will spend the same on their holiday meals as they did last year, but many will leverage cost-saving strategies. Nearly eight in 10 (79%) will make their grocery purchase decisions before entering the store; 24% will buy more products in bulk this year than in the past; 37% will redeem more “rewards points” for products; and 20% will rely more heavily on private labels.
The vast majority of shoppers — 88% — will turn to grocery stores for their holiday food purchases, according to the study, 45% will shop club stores, 41% mass merchandisers, 37% supercenters, 8% dollar stores and 7% drug stores.