Holiday Expectations Differ for Retailers, Consumers - Tire Review Magazine

Holiday Expectations Differ for Retailers, Consumers

Retailers are predicting big box stores to be their biggest competition for holiday shopping dollars, but customers see it a little bit differently.

 

Growing numbers of consumers (26%) are expecting to do most of their holiday shopping online, according to the inaugural 2017 Consumer Beat Survey, released by BDO Surveys.

While shoppers choose online retailers as the final destination of a significant portion of their shopping dollars, about half of all retailers are expecting big box stores to be their most significant threat. Yet only about 21% of shoppers expect to do most of their shopping in big box stores.

“This year’s holiday sales may reveal a hard truth. The disconnect between retailers’ expectations and consumers’ actual preferences around online shopping, shipping and disposable income suggests that consumers are evolving faster than the C-suite can adapt,” said Natalie Kotlyar. “Retailers can bridge this gap by improving their data analytics, customer service and offerings tailored to their core demographics.”

In addition, the 100 retail CEOs, CFOs and CIOs surveyed predicted a 2.2% increase in 2017 holiday sales, which is at odds with the responses of the 1,000 consumers who expected to spend about the same as they did in 2016.

The increase in spending is not expected to uniform, however, with Cyber Monday expected to receive a 2.8% bump in sales this year, while Black Friday sales are only expected to increase by 1.8%.

Both customers and retailers pointed to price as the key element to buying decisions, with 54% of consumers choosing price as the most important factor in their buying decisions, and and 68% of retailers expecting price competition to be most challenging this year.

You May Also Like

Firestone Airide Tennessee Plant Recognized for Safety

This is the facility’s fourth STAR award, reflecting the company’s and
teammates’ commitment to a safe and healthy work environment.

Firestone Airide, a division of Firestone Industrial Products Company, announced that the company’s Dyersburg, Tenn., manufacturing facility has received its fourth Volunteer STAR (Safety Through Accountability and Recognition) award.

The Volunteer STAR award recognizes the best-of-the-best in safety and health programming and performance. Patterned after the federal Occupational Safety and Health Administration Voluntary Protection Program, the Volunteer STAR award is the state’s highest honor for workplace safety and health.

Apollo Tyres Opens Digital Innovation Center in India

In partnership with the Telangana Government, Apollo Tyres announced the launch of a digital innovation centre in Hyderabad, India.

MEMA Announces New Structure and Brand

The realignment will allow the association to better serve members and prepare for the future of mobility.

restructure
RNR Tire Express Named to Entrepreneur’s Franchise 500 List

The RNR team is celebrating 10-plus years being named to the Franchise 500 list.

‘New Culture,’ Dealer Commitment to Fuel Nexen Tire’s Growth

Hear what Nexen Tire executives have to say about the tire industry, supply chain and what dealers can expect from the company this year.

Nexen-Tire-John-Hagan-exec-VP-Sales

Other Posts

Magna Tyres Brings Latest OTR Tire Range to ConExpo Show

The latest OTR tire products will be displayed on the Magna Tyres stand.

ALI Announces Digital Lifting Points Guide

ALI is offering a digital lifting points guide that covers vehicles from model years 2000 through 2023.

Goodyear and Gatik Demonstrate Goodyear SightLine Technology

Goodyear and Gatik demonstrated, in a proof of concept, intelligent tires powered by Goodyear SightLine technology.

Chapel Hill Tire Gives Back Through 12 Days of Kindness Initiative

Discounts, charity and giving back was how Chapel Hill Tire celebrated the holidays.