A few weeks ago, we posted information on how much money consumers plan to spend this holiday season. Today we’ll look at how they plan to distribute their cash this year. Holiday spending incorporates more than just buying gifts. Knowing how consumers plan to spend their holiday budgets is the first step in getting your fair share.
• Of the money people plan to spend on the holidays, 40% will go to buying gifts
• Nearly a quarter will go to socializing away from home
• 14% will go towards entertaining at home
• Just over 10% will be spent on non-gift clothing for the consumer or their family
• Holiday furnishings make up 6% of consumers anticipated spend. Year over year, spending on furnishing is expected to slide over 25% from last year
• Under 10% of spending will go to miscellaneous holiday items
What Does This Mean To You?
60% of consumers holiday spending is non-gift related – it’s goes into the atmosphere that makes the holiday special. The fact that nearly a quarter goes into out-of-home entertaining may be why restaurants are so crowded. One of the big takeaways is that consumers plan on drastically cut the amount they plan to spend on furnishings. This may mean less inflatable snowglobes in the neighborhood or people buying smaller Christmas trees. The competition to get these holiday dollars is already at a fever pitch. To ensure you get your fair share of holiday spending you need to create awareness of where you are and what sets you apart from the competition. When distributing your message, make sure you select media vehicles that can specifically target your desired audience. Targeting will improve your return on investment. When comparing media, make your decisions on a cost per thousand basis (CPM). CPM measurement allows you to compare and make the best possible decision in reaching your target shoppers. For more information on how to engage your best prospects, please contact:
Source: Mobile Commerce Daily; Deloitte