RETAIL
HOW TO MAKE SURE YOU MAKE MONEY THIS HOLIDAY SEASON
7/22/24
TO ENSURE that the winter holiday season is highly profitable for you this year, plan ahead now to offer shoppers the best deals you can. Above all, they will be looking for discounts, promotions and sales that will make their shopping more affordable.The good news is that consumers are planning to splurge on gifts for themselves this holiday season, particularly younger people. But they also are aware that they need to spend less overall and save as much money as possible.
This is the message from a new survey of a thousand adults in the 2024 Retail TrendWatch by Vericast.
"Inflation has slowed, but that doesn't mean it has stopped impacting wallets," says Chip West, consumer behavior and retail category expert at marketing company Vericast.
"Consumers will always spend around the holidays, but rising costs mean they are tightening their belts and putting more thought into what, how, and when they will buy—from gift giving to dining out during the season.
“Understanding how consumers are planning to shop this year can help marketers capitalize on moments in time and reach shoppers across channels."
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Here’s what the survey found shoppers are saying:
• The holiday season is a great time of year to make purchases because of sales and discounts—56%.
• I am interested in hearing about deals and discounts that will make holiday shopping more affordable for me—36%.
• I want to hear from advertisers about where to shop to find the best deals locally—27%.
• I am interested in hearing about restaurant deals for busy days—23%.
• I am interested in hearing about deals and discounts that will make holiday shopping more affordable for me—36%.
• I want to hear from advertisers about where to shop to find the best deals locally—27%.
• I am interested in hearing about restaurant deals for busy days—23%.
When asked about the best way to find out about promotions and discounts responders to the poll said:
• Email (35%)
• Coupons in the mail or newspaper (33%)
• Online coupons or discounts (29%)
• Email (35%)
• Coupons in the mail or newspaper (33%)
• Online coupons or discounts (29%)
Consumers also said they shop using brand offering points and loyalty rewards to find the best deals of holiday purchases (20% — up from 16% last year).
You should direct your marketing toward impulse buying and a focus on physical gifts vs. experiences.
• More than half of consumers say they purchase holiday gifts throughout the year depending on when they see a good deal as against waiting for the holiday shopping season.
• 44% of respondents agree they would purchase an item immediately for fear of not being able to find that item later in the holiday shopping season.
• 74% say they prefer to give physical gifts for the holidays rather than gifting an experience.
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From understanding the basics of brand identity and target audience
segmentation to exploring the power of traditional and digital advertising platforms, this book covers a wide range of topics that are crucial for today’s small business owners.
Other findings in the survey:
• 44% of consumers plan to start shopping for the holidays in October or earlier, down from 47% in 2023.
• 31% of parents, more likely than other consumer groups, do most of their shopping in October or earlier.
• Most consumers (74%) plan to do most of their holiday shopping in November (41%) and December (33%).
• Almost a third of consumers plan shopping days dedicated to buying holiday gifts. Almost half (44%) of Gen Z respondents say they do this.
• 50% say they buy gifts for people as they see them leading up to the holidays. More than half of Millennial and Gen Z respondents agree.