Deloitte’s new Dallas-Fort Worth holiday shopping data shows that North Texas holiday shoppers, despite anxiety about the safety of in-store shopping, are increasing spending this season, shopping even earlier this year ahead of the Thanksgiving holiday, the company said in a news release.
Dallas-Fort Worth holiday shoppers expect to spend 16% more than the national average, the survey showed, and amid worries about safety of in-store visits, most heading online for bulk of their gift-buying.
Deloitte listed these key takeaways from local survey:
North Texans are primed to shop this holiday season:
Those surveyed in the Dallas and Fort Worth area say they plan to spend an average $1,655 per household this year. That’s 16% higher than the national tally of $1,387.
It also shows that DFW shoppers have come roaring back from 2019. The new local forecast reflects a 10% increase over last year’s holiday spending.
A whopping 61% of North Texans plan to kick off their holiday shopping before Thanksgiving, a signal that could help guide businesses in mapping out their early retail strategies.
Rosy economic view:
- More than half (58%) of those surveyed here predict the economic will improve in 2021 vs. 29% who believe it will weaken.
- A majority of DFW shoppers (71%) say they are in similar or better financial situations than last year. About one in three say that their household’s financial situation is worse.
Pandemic fallout:
- Half (51%) of North Texans surveyed say they’re anxious about in-store shopping this year because of the coronavirus.
- About 43% say their decision-making on where to shop is based largely on in-store safety precautions, such sanitation, social distancing, mask wearing and special hours.
Jumping online:
- With many wary of in-store visits, DFW consumers are flocking to online buying.
- North Texans say they will spend 65% of their holiday budget online – a trend that has continued to go up locally in every Deloitte survey over the past six years.
- Locals say they’re going online partly to avoid crowds and enjoy the comforts of shopping from home this year.
- Black Friday also apparently has lost its luster, with 53% saying they don’t rely on that sales-filled day as much as they used to.
Deck the halls:
- Experiences top holiday budgets, with entertaining at home and socializing at restaurants and other spots away from home making up 35% of consumer spending. Purchases on non-gift items like home furnishings, seasonal décor and clothing came next.
Home for the holidays:
- Shoppers are staying put.
- About 44% of those surveyed in Dallas and Fort Worth area say they plan to travel less this season to see family and friends – another tradition apparently upended by the pandemic.
The Deloitte-commissioned survey, which an independent research company conducted online Sept. 9-15, polled 4,012 consumers nationally, including 413 in the DFW area. It has a margin of error of plus or minus 1.3 percentage points nationally and 4 percent for DFW.