Majority of Consumers Plan to Shop Online This Holiday Season
SALT LAKE CITY, Nov. 21, 2013 /PRNewswire/ -- Based on a survey of shoppers completed by Overstock.com, Inc. (NASDAQ: OSTK), 75 percent plan to shop on Black Friday (Nov. 29) and of those, 57 percent plan to do it online. Cyber Monday (Dec. 2) will bring in 66 percent of shoppers online. The survey also revealed that consumers expect savings of up to 40 percent off during the Black Friday and Cyber Monday retail period.
"Online shopping allows consumers to make purchases comfortably from their home while avoiding the holiday rush, waiting in line, fighting traffic and suffering the weather," states Overstock.com Chairman and CEO Patrick M. Byrne. "Overstock offers great deals on high-quality products that can be shipped directly to your door."
The majority of online shoppers will be younger consumers. According to a study by CFI Group, 50 percent of millennials intend to spend more than 40 percent of their holiday shopping budgets online, compared to 38 percent of baby boomers.
Overstock.com's survey also showed that 74 percent of shoppers believe that retail stores should not be open on Thanksgiving Day; however, sales last year indicate otherwise. Last year's Thanksgiving Day sales increased by 55 percent from the previous year as more stores opened on the holiday, according to Chicago research firm, ShopperTrak.
Consumers will also be avoiding the holiday rush by shopping on their mobile devices. According to a study done by Google, 76 percent of adults will browse and research products on their phones this year, and 25 percent will actually buy gifts on their devices this season.
When asked what consumers do with gifts they receive and do not want, 19 percent said they will re-gift the item.
These responses are the result of a survey of 809 national shoppers.
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the percentage online shopping, size of discounts, and trends towards online holiday shopping. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2013 which was filed with the SEC on October 17, 2013, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.