2024 Holiday Shopping Trends:
Findings:
Majority to Maintain Spending: Most shoppers (65%) plan to spend the same amount on holiday shopping as last year, while 15% anticipate increasing their spending.
"Treat Yourself" Trend: 61% of shoppers, especially millennials (73%) and Gen Z (68%), plan to buy items for themselves while shopping for gifts.
Channel Preferences: Gen Z and Gen X favor physical retail stores, while millennials and baby boomers prefer Amazon.
Early Bird Shoppers: October marks the start of holiday shopping for many, with 27% of shoppers beginning then.
Black Friday and Cyber Monday: 62% of shoppers plan to participate in Black Friday, and 45% plan to shop on Cyber Monday.
Top Product Categories: Fashion and apparel, personal care and beauty, electronics, food and beverage, and alcohol are the top gift choices.
Key Takeaways:
Resilient Holiday Spending: Despite economic concerns, consumers are not significantly cutting back on holiday spending.
Self-gifting is Popular: The "treat yourself" trend is a significant opportunity for retailers to offer promotions and deals that encourage shoppers to buy for themselves.
Omnichannel Approach: Retailers need to cater to both online and in-store shoppers, as preferences vary across demographics.
Early Engagement: Retailers should start holiday promotions early to capture early bird shoppers.
Diverse Product Offerings: Catering to a wide range of product categories is essential to appeal to diverse consumer preferences.
Trends:
Self-gifting: The "treat yourself" trend is expected to continue growing, with consumers prioritizing personal purchases alongside gift-giving.
Omnichannel Shopping: Consumers are increasingly blending online and offline shopping experiences, seeking the best deals and convenience from both channels.
Early Holiday Shopping: The holiday shopping season is starting earlier, with consumers beginning their purchases in October.
Conclusions:
Retailers should anticipate a robust holiday shopping season, with consumers maintaining or even increasing their spending.
Focusing on the "treat yourself" trend and offering personalized promotions can boost sales.
Adapting to omnichannel shopping behaviors and engaging consumers early in the season are crucial for success.
Implications for Brands:
Tailored Promotions: Create promotions that cater to both gift-giving and self-gifting, such as "buy one, get one free" offers.
Omnichannel Presence: Ensure a seamless shopping experience across online and offline channels, offering convenient options like buy online, pick up in-store (BOPIS).
Early Engagement: Start holiday marketing and promotions early to capture early bird shoppers and build excitement for the season.
Diverse Product Selection: Offer a wide range of products across popular categories to appeal to diverse consumer preferences.
Personalization: Utilize data and analytics to provide personalized recommendations and offers to enhance the shopping experience.
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