Deloitte study: Europeans holiday season spending increases versus last year, estimated total market reaches €189.5 billion
The Europeans will spend an estimated average of €461 per consumer for this winter holiday season, 3.4% more compared to 2018, which accounts for a total estimated holiday spending market of €189.5 billion across the continent, according to the 2019 Deloitte study “Holiday Shopping Trends Survey”.
The survey was conducted on seven European countries covering various regions of the continent – Germany, Netherlands, Poland, Portugal, Russia, Spain and the United Kingdom – and it analyzes four spending categories – gifts, food, socializing and traveling. Among the analyzed countries, the United Kingdom consumers plan to spend the largest amount (€639), while the Dutch, the smallest amount (€341).
Europeans have not only carefully planned their budget, but 88% of them have also already decided which gifts to buy, the study emphasizes. Most holiday shopping is done in November or in the first half of December, underlines the report, and the largest part of the holiday budget will be spent on gifts (43%), followed by food (29%), travelling (17%) and socializing (11%).
”The average holiday spending growth is outlined by an encouraging current state of the economy and of the European households. More than half of the respondents in the study (53%) rate the expected state of the economy in 2020 as positive or neutral and 67% of the population think that they have the same or more to spend compared to last year. Promotions – including Black Friday campaigns – also influence the decision to spend more, as 35% of the respondents indicate,” said Oana Buhaescu, Audit & Assurance Director, Deloitte Romania, and leader of the retail industry.
Moreover, the study reveals that despite the general growth of online spending, brick-and-mortar still plays a significant role during this time of the year. From the total amount of €461, Europeans will spend €310 in stores, which is more than two thirds (67%) of their estimated holiday budget. Offline is very important in three out of the four analyzed spending categories – food and drinks (89%), socializing (76%), gifts (55%) On the other hand, the amounts spent online in Europe will be 4.9% higher this year compared to 2018.
The study also shows that preferred payment methods for the holiday spending vary depending on the shopping channel. Thus, the Europeans’ top three payment methods for online spending are the debit card, the digital wallet and the credit card, while for in-store shopping, they prefer the debit card, followed by cash and the credit card.
Among the first three most expected received gifts for adults are chocolates, books and cosmetics/perfumes, the study underlines. The same ranking applies to women’s most desired gifts, while men prefer books, chocolates, food and drinks. As for children under 12 years old, the majority of respondents (46%) will purchase model construction toys or games, followed by education and books. For teens, respondents say they will mainly purchase chocolates, books and games.
The 2019 Deloitte study “Holiday Shopping Trends Survey” is the result of data collection obtained through a structured questionnaire on a sample of more than 6,100 people, between the age of 18 and 65. The information was collected during the period September 16-October 11, 2019. The results are available here.