Shoppers Seek Luxury Products for Holidays

RAPAPORT… More than half of consumers plan to treat themselves and others to luxury products this year during the holidays, feeling that indulgence is important at this time, according to a survey by Accenture.

This comes despite the fact that two out of every five shoppers intended to spend less for the seasonal period than they did last year, the professional services company noted in its 14th Annual Holiday Shopping Survey, which it published Tuesday.

E-commerce is also expected to see a boost through the holidays, and possibly indefinitely, Accenture said. Some 75% of respondents said they would do at least some of their shopping online this year, compared to 65% last year, while approximately 43% planned only to shop digitally. Additionally, consumers were still not comfortable entering stores, with only 11% willing to pick up purchases, while more than three-quarters of those surveyed wanted their products delivered.

Meanwhile, consumers said they were more aware of a brand’s authenticity. Some 57% would be more likely to shop with retailers that supported their staff and customers during the crisis, while 41% said they wouldn’t shop with retailers that had laid off staff or reduced benefits due to the pandemic. Two in five shoppers planned to buy from minority-owned business.

“The pandemic has reinforced the call for social consciousness and transparency that we’ve been witnessing over the past few years,” said Jill Standish, senior managing director and global retail lead at Accenture.

Accenture surveyed 1,517 US consumers aged over 18, each of whom had purchased an item for personal use within the past six months. The survey was conducted in August.

Image: A woman shopping online. (Shutterstock)