General Growth Properties Online Survey Reveals the Mall Reigns Supreme for Holiday Shopping.
"The mall is the most popular place to shop. It offers an experience during the holidays that is unique for shoppers," said John Bucksbaum, chief executive officer of General Growth Properties. "At our more than 200 GGP centers across the country, we provide special services and amenities that make holiday shopping fun and enjoyable for the entire family."
Even those who stated the mall is just one of many venues they visit to complete their holiday shopping, more than half - 54 percent - revealed that one to three-quarters of those gifts purchased will come from the mall.
And, with the busy shopping season getting underway, consumer spending is anticipated to be up nearly $250 per person compared to last year. On average, consumers expect to spend $879 on holiday gifts this year, compared to approximately $632 in 2005. Shoppers also are watching their credit card debt. Sixty percent say they will use cash, debit card or check to pay for their holiday purchases.
Overall, consumers are once again in the gift-giving mood this holiday season. Key findings include:
* More than half of respondents - 56 percent - will start their holiday shopping before Thanksgiving.
* Procrastinators are the exception. Only six percent will dash out to purchase last-minute holiday gifts.
* On average, respondents revealed they shop for 11 people.
* Children are the most popular when it comes to holiday gift buying, with 51 percent saying their child is their favorite person to shop for. Fifty-three percent will spend the most money on their kids.
* People prefer purchasing their own gifts, with 55 percent wanting cash or a mall/store gift card as a holiday present.
* The family pet is rarely forgotten. More than 80 percent of pet owners reveal they will spend $10 to $25 on their beloved animal(s).
* The gift-giving spirit is in full bloom. Seventy percent of respondents will donate to a charity during the holiday season.
General Growth Properties, Inc. is the second largest U.S.-based publicly traded Real Estate Investment Trust (REIT). General Growth currently has an ownership interest in or management responsibility for a portfolio of more than 200 shopping malls in 44 states, as well as ownership in planned community developments and commercial office buildings. The portfolio totals approximately 200 million square feet of retail space and includes more than 24,000 retail stores nationwide. General Growth Properties, Inc. is listed on the New York Stock Exchange under the symbol GGP. For more information, please visit the Company Web site at http://www.generalgrowth.com.
(1) General Growth Properties Inc. Consumer Research Department conducted an online survey with more than 1,100 shoppers in August 2006. The survey has a margin of error of 3 percent.