Data: Holiday spending predicted to decrease, move increasingly online

‘Tis the season for food and good finds, but even as some people prepare to head out to stores at the start of the holiday season, even more are planning to do all their shopping online.

“It’s really online, less in person a little bit, and a focus on getting the right deal,” said Matt Adams, a principal consultant with Deloitte.

Adams tracks holiday spending, and said that deals are going to fuel consumer habits.

“In terms of Black Friday and Cyber Monday, 82% of consumers said they are going to shop those two days as opposed to 51% last year, so it’s big return to seeking deals,” Adams added.

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Chicagoans who spoke to NBC Chicago said they will look for deals on Friday, but that’s not the only time they plan to do holiday shopping.

“We watch for specific things, some we’ve already bought and some we will look for a better deal on Black Friday,” said shopper Melissa Patterson.

“I really don’t do a lot of retail anymore, going into stores, everything is online,” said shopper Winston Pauling. “As much as I love Black Friday, Cyber Monday is where I get my work done.

Overall, data from Deloitte shows Chicagoans will be spending a bit less this year, down about 6% from last year. Shoppers are reportedly anticipating higher prices due to inflation, so the hunt for deals is on. People say they will try to stretch their budgets, and plan to purchase the same number of gifts as last year.

Deloitte also found two specific trends this year, in relation to gift cards and personalized goods.

“There’s really a larger spending on gift cards this year. $253 compared to $181 last year,” Adams said. “And really, a focus on more personalized experiences and shifting from this mass purchase to micro.”

Most stores won’t be open for Thanksgiving, but plenty will open early for Black Friday, and you can find more information on the NBC Chicago app.