A significant number of shoppers intend to return presents purchased during the holiday season, with approximately one-third of them making this plan.
Shopping Trends and Returns Policies for the 2021 Holiday Season
As the holiday season comes to a close, retailers are gearing up for the post-Christmas shopping rush. According to a survey, more than half (51%) of shoppers plan to continue shopping after the festivities, with 34% of them intending to buy items for themselves.
In response to this anticipated surge, multiple brands and retailers, including Amazon, Macy's, Athleta, and Best Buy, have extended their return periods until mid-to-late January. This move is aimed at making the shopping experience more convenient for customers and reducing the stress of holiday returns. However, it's worth noting that, as of the time of writing, no search results explicitly mention any companies that announced an extended return period until mid or late January in 2021.
Returns processes can have a significant impact on a retailer's financials and the environment. Retailers often liquidate or discard unwanted items, which can lead to waste. This year, the predicted return of merchandise could reach $66.7 billion, an increase of 45.6% over the past five-year average. A report from CBRE and Optoro suggests a possible spike in returns following the increase in sales.
The holiday shopping season saw a strong performance, with sales growing despite COVID-19 pandemic concerns. Mastercard's SpendingPulse found that holiday retail sales (excluding vehicles) grew by 8.5% compared to last year. Online sales rose by 11% from 2020 during the 2021 holiday season. Clothing increased by 47.3% during the same period, indicating a strong demand for apparel and department stores.
Consumers were driven to shop online and in stores due to concerns over supply chain and labor supply issues. Steve Sadove, senior adviser for Mastercard and former CEO and chairman of Saks Inc., stated that shoppers were eager to secure their gifts ahead of the retail rush.
As we move into the New Year, consumers are focusing on their resolutions. Nearly half (49%) of consumers are planning to spend money on their New Year's resolutions, with saving money (44%) and exercising more (35%) topping the list. Generous returns policies have become somewhat expected among consumers, making it essential for retailers to strike a balance between convenience and sustainability.
In conclusion, the 2021 holiday shopping season has shown resilience in the face of the ongoing pandemic, with strong growth in online and in-store sales. As we enter the post-holiday shopping period, retailers are extending their return policies to cater to consumer demand, while also considering the environmental impact of returns processes. The New Year brings new resolutions and opportunities for retailers to continue adapting to consumer needs.
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