By Nextstore
October 25, 2323
Source: Business Nextstore
Photo Source: Unsplash,
Consumer preferences and behaviors change quickly, especially in uncertain times. With the pandemic almost in the rear-view mirror and inflationary pressures ramping up, this holiday season looks to be different than the last few years.
Successful small business owners understand these trends and plan their marketing and advertising strategy to meet holiday shoppers in the moment. Staying ahead of holiday shopping trends and being responsive to shifts in consumer spending is crucial for a successful holiday campaign.
Neighbors are starting their holiday shopping early. Supply chain issues and inflationary concerns are driving neighbors to kickstart their holiday sales shopping sooner rather than later.
2. Retailers remain a key source of shopping inspiration on and offline. More than 70% of consumers plan to use a retail touchpoint like physical stores, retail websites, or brand sites to start their holiday gifts shopping.
3. The popularity of gift cards continues to grow. Supply chain issues have led to empty shelves, out-of-stock items, and shipping delays, which has increased the purchases of gift cards as part of the holiday retail trends For 2023, experts expect that 55% of Americans will purchase at least one gift card during the holiday season.
4. Rising inflation will affect holiday shopping and spending. Nearly 9 out of 10 consumers expected inflation to have had an impact on their consumer spending during the previous year, where 59% said the impact will be moderate or significant. This year, consumers are still expecting to spend, but sales and discounts will matter more with inflation-induced thriftiness.
5. Influence for holiday gift purchases comes from social media – and neighbors. According to McKinsey, 58% of consumers say social media will influence their online shopping holiday buying decisions.
6. Home products and services are top of mind for consumers. Spending so much time at home during the last three years has influenced the kinds of gifts consumers buy: 33% of shoppers plan to buy home products, like single brew coffee makers, robotic vacuums, and electric toothbrushes, as gifts for the upcoming holiday season.
7. Consumers will continue their holiday shopping into January. Don't put those decorations away too soon. Thirty two percent of consumers plan to shop the week after Christmas, and 45% plan to shop in January to take advantage of post-holiday sales, use up gift cards, and even score some holiday purchases for themselves.
8. An online presence is essential.
9. Retailers are getting more involved with their community. Neighborhoods thrive when small businesses thrive. Consumer sentiment plays a crucial role in supporting local retail sales. 68% plan to participate in more community initiatives, and 1 in 3 will be partnering with other local businesses, participating in local events, and donating supplies to community organizations to bolster consumer sentiment and boost retail sales.
10. Automated technology helps small businesses manage labor shortages. The impact of the Great Resignation still lingers as small businesses continue to deal with a tight labor market during holiday spending. Taking advantage of automated technology can help you get more done with fewer people.
The holiday shopping season will look different , so make sure your business is ready with a marketing plan.
Do you have an online presence for your business or a personal brand? What is your Online Marketing Plan? What is your budget....we are here to help:
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