As peak retail season approaches, retail analysts are predicting healthy sales figures based on improved consumer confidence and early shopping trends. Synchrony Financial's Annual Holiday Shopping Study, published Oct. 27, 2016, found more than half of survey respondents have begun their holiday shopping. The study, conducted by Norwalk, Conn.-based RTi Research between Sept. 30 and Oct. 3, 2016, surveyed 1,600 U.S. shoppers and combined their responses with historical data, macroeconomic factors and trends.
The report found many consumers spend the entire year strategically planning for the holidays. Bart Schaller, Executive Vice President and Chief Marketing Officer at Synchrony Financial expressed hope that advance planning and overall confidence will translate into increased sales, adding, "caution overrides personal optimism, and shoppers tell us they're carefully planning, pacing and prioritizing their holiday purchases to stay on schedule and on budget."