A study by Mastercard shows that shoppers are more conscious this holiday season
Mastercard SpendingPulse has reported that 75% of Americans will favor small minority-owned, black-owned, and women-owned businesses in their holiday shopping. Meanwhile, 77% will also shop local while 75% will be more conscious of where they shop.
Besides, there’s a 4.1% increase in retail sales and a 56.1% year-over-year e-commerce growth in the US Orlando, Houston, and Atlanta. They were among the leading cities in retail recovery in October 2020.
According to data, 68% of shoppers say they will prioritize minority-owned businesses while 78% will prioritize small businesses. Also, 66% will prioritize black-owned businesses, with 53% stating that they would rather forgo a gift if the retailer does not align with their values. 73% of shoppers would also forego gifts to spend time with family and friends.
After a stressful year, most customers see the holidays as a reprieve with most planning to use digital touchless payments when shopping. 59% are also likely to spend on family and friends compared to last year. Even as restrictions ease, 82% are likely to shop online while 88% miss on the in-store shopping experiences.
The sales in furnishings and furniture led retail sales by an increase of 20.1%. This was followed by groceries which increased by 7.1% across the United States. However, apparel sales declined. This can be attributed to fewer gatherings and events due to the coronavirus crisis.
We’ve reported that 59% of holiday consumers had already started shopping.