Retail stores will be busy during this holiday season—especially the day after Christmas.
That day, which could be a new “Black Friday,” is when consumers plan to raid stores for marked-down items and use their gift cards, according to the 2003 American Express Retail Index.
Of 803 heads of households surveyed, 52% said they plan to shop for discounts during the post-holiday period. Only 34% had planned to shop on the Friday after Thanksgiving.
In addition, 36% expect to return gifts after the holiday.
“Post-holiday shopping is fueled by the search for even bigger discounts and the opportunity to use gift cards received over the holidays,” said John Theiss, vice president, retail industries at American Express, in a statement. “Consumers give every indication that they will continue to shop well after the holidays are over this year.”
Women are more likely than men to shop for discounts, but men are quicker to return gifts. Young people are also more likely in general to return gifts.
Almost three-fourths of the respondents said they prefer exchanging a gift for a similar item. When it comes to credits, 50% say they will accept a store or merchandise credit and 48% prefer cash.
Twenty-eight percent said they “usually spend more than the cost of the item” when they return something. But 65% spend the same. Only 6% spend less.
Whose gifts do they return? Twenty-seven percent said they would return gifts from their immediate family, 10% from in-laws and 9% from business associates.
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