Holiday Shoppers Getting an Early Start
Although we have not even reached Black Friday yet, consumers are wasting little time jumping headfirst into their holiday shopping.
According to the National Retail Federation's Consumer Holiday Spending Survey, the majority of them already began their holiday shopping earlier this month.
"Fifty-seven percent of consumers say they have already jumped at retailers' promotions and started scratching off things on their holiday lists," said Kathy Allen, NRF spokesperson.
That marks a 3 percent jump from last year and a 16 percent increase from 2008, which was the first time the NRF asked the question.
The 25-44 year old age demographic is, specifically, getting out of the gates early. Sixty-five percent of 25-34 year olds and 62 percent of 35-44 year olds say they have already started their holiday shopping.
"There's no question that millennials and young adults really are the ones that are getting the jump on holiday shopping these days," Allen said.
While many are just getting an early start on gifts they are buying for others, that figure could also be the product of 'self-gifting.' Analysts says millennials love to treat themselves when the price is right.
The prices and deals retailers are offering are really triggering the new trend.
"Though we do expect Black Friday and Cyber Monday to still be extremely important, retailers are giving shoppers what they want through these early promotions, and it seems that they are paying off," Allen said.
More and more consumers are looking to social media and other online sources to do their shopping and find deals. Retailers are acknowledging that with the earlier roll-out of major price-saving promotions.
Some of the most popular gifts that these early shoppers are purchasing include: clothing, accessories, books, CDs, DVDs, video games and, of course, toys.