Mon, 04 October 2021 | retail economy
A new survey from Klarna, a global retail bank, finds that forty percent of consumers are starting their holiday shopping earlier than they did last year. Based on surveys of more than 24,000 US shoppers and Klarna's proprietary shopping data from its 20 million consumers nationwide, the report also found that 71% of shoppers plan to begin purchasing holiday gifts before December and 22% have already started.
Nearly three-quarters (72%) of shoppers cite a desire to take advantage of holiday sales as the main reason for getting a headstart on their gift purchasing this year. However, amid reports of supply chain issues across the country causing potential headaches for retailers, half of shoppers (50%) are also starting earlier to ensure product availability, while others want to avoid shipping delays (45%) and last-minute stress (39%).
However, while high-end electronics appear plentiful in many stores, supply-chain issues continue to plague delivery and restocking of small electronics. Shortages of lower cost electronics and accessories such as phone chargers, headphones, and other items are evident at major retailers such as Target, Walmart, and others. In addition, larger home goods such as household furniture continues to be in short supply at many retailers.
Continuing labor shortages may also threaten retail sales in the holiday season as retailers and logistics companies attempt to ramp up their hiring of seasonal workers.
Analysts will be closely watching Black Friday sales for any indications of potential slowdowns in retail sales and profits to be reported in the first quarter of 2022.