A new study from Mastercard is highlighting a more conscious approach to holiday shopping this year. Here are the results of the Mastercard SpendingPulse survey and what it means for retailers this holiday season:
Mastercard Holiday Shopping Survey Results
Mastercard monitors consumer spending trends through its Mastercard SpendingPulse™ reports. This year’s season is the longest to date, running from October 11th through December 24th – according to Mastercard. For the “expanded holiday season” of 2020, the payment network anticipates a significant increase in online spending, with an even steeper increase in consumer mindfulness.
Consumers Plan to Shop with Their Hearts
The latest SpendingPulse report notes that 75% of respondents claim they will be more mindful of where they spend their holiday money. Those shoppers say they will shop at retailers who share their personal values, with most (78%) prioritizing small businesses over big box stores.
Other areas where consumers are most likely to spend their holiday shopping funds include:
- Minority-owned businesses: 68%
- Women-owned businesses: 68%
- Black-owned businesses: 66%
Holiday Shopping Is Shifting Online for 2020
Beyond a more conscientious approach to shopping, Mastercard is also noting a trend towards contactless payments. Approximately 66% of respondents say they plan to use contactless payment – like mobile wallets – when shopping this year. They also said they would prioritize shops that offer that flexibility.
Most of those surveyed plan to do most of their shopping online – with 55% of respondents prioritizing online purchases over in-store shopping.
Other Report Findings
Other findings from the recent Mastercard survey include:
- E-commerce sales are expected to rise by 34.6% this holidays season
- Furniture sales are up 20.1%
- Hardware sales are up 11.5%
- Grocery store purchases are up 7.1%
About Mastercard SpendingPulse™
Mastercard SpendingPulse reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and checks.
This year’s Mastercard Holiday Shopping Survey was conducted in conjuncture with Harris Poll. The survey contacted 2,017 respondents across the United States between October 8th-13th, 2020. All respondents were screened for credit card use before being surveyed.
Related Article: The Best Credit Cards for the Holidays for 2020
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