CHICAGO, Oct. 16 /PRNewswire/ -- A nationwide survey shows holiday
spending is expected to be on the increase this year, compared to last. Of
more than 3,000 shoppers surveyed, 75 percent of them said they plan to spend
about the same or more on holiday shopping this season -- compared to 70
percent who said the same last year. Only 18 percent plan to spend less this
year (7 percent unsure). The survey was done by General Growth Properties,
the country's second largest owner, developer and manager of regional shopping
malls, as well as a premier consumer research company.
"We noticed that consumers' confidence was up this summer and now we see
it's continuing into the most crucial retail season of the year," said Wally
Brewster, senior vice president of marketing and communications for General
Growth Properties.
Of those shoppers who plan to spend more this holiday season, 40 percent
of the men surveyed said they will spend more compared to 31 percent of women
who said the same thing. Age seems to breed conservatism with regard to
whether people will spend more or less compared to last year. Over half (51.3
percent) of 18-24 year olds plan on spending more than last year, compared to
16.9 percent of 45-54 year olds.
Time is becoming more precious this holiday season. Shoppers believe
they'll start holiday shopping slightly earlier than in years past -- 28
percent of respondents said they'll start shopping before November 1st,
compared to only 26 percent who started the same time last year. The big
start to the holiday shopping season is always the day after Thanksgiving --
nearly half (47.1 percent) of all those surveyed said they won't begin their
shopping until after Thanksgiving. Nearly 23 percent of the shoppers
surveyed will begin their holiday shopping in early-to-mid December. Ten
percent (10%) said they will do their shopping at the last minute. The number
of people who said they do their shopping all year round went up this year (7
percent) compared to only 5.8 percent last year.
The mall is king this holiday season. Of those surveyed, 69 percent said
they're doing the majority of their shopping at malls -- with a little more
than 71 percent of men choosing it as their main shopping venue and 68 percent
of women. Discount stores come in second with 19 percent of the shoppers
choosing them as their favorite holiday shopping destination. Outlet centers
(5.5 percent) and boutique shops (1.2 percent) garnered single digit numbers;
while only 4.2 percent said they plan to do the majority of their holiday
shopping on the Internet.
"The mall provides something all other shopping venues don't -- choices
for the entire family and an unparalleled experience," said Brewster.
"Customers are able to do all of their holiday shopping under one roof. After
they've finished shopping, they can relax and eat lunch or dinner at our
numerous restaurants and food court vendors. Then they can top it off with a
visit to Santa Claus."
General Growth Properties' portfolio of malls sees more than 35-million
shoppers that make 2-billion visits per year. General Growth Properties is
one of the country's second largest shopping center owners, developers and
managers. General Growth currently has ownership interest in, or management
responsibility for, a portfolio of 164 regional shopping malls in 39 states.
The company portfolio totals approximately 145-million square feet of retail
space and includes over 16,000 retailers nationwide. A publicly traded Real
Estate Investment Trust (REIT), General Growth Properties is listed on the New
York Stock Exchange under the symbol GGP. For more information on General
Growth Properties and its portfolio of malls, please visit the company web
site at http://www.generalgrowth.com .
SOURCE General Growth Properties
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CONTACT:
David Keating, Manager, Media and Consumer
Relations, of General Growth Properties, +1-312-960-6325, fax,
+1-312-960-5484
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