Last week, we put out our first holiday shopping post. We got more than just a few comments about how it’s too early to think about the winter holidays – they were more concerned with more immediate needs. The flaw behind that is 2 fold. First, when an event is responsible for up to 40% of retail business it should always be a concern. Second, holiday shopping has already started for many consumers – so there are sales you could have already lost out on. A new study has just come out that examines this year’s holiday shopping estimates. The results should be factored into your Holiday strategy.
• Before Thanksgiving, nearly half of shoppers plan to get most of their holiday shopping done
• Compared to last year, nearly 10% more consumers expect to get most of their shopping done by Thanksgiving
• Another quarter of shoppers plan to get their shopping done over the Thanksgiving weekend
• In total, 75% of shoppers plan to have the bulk of their Holiday shopping completed when most retail businesses are fully focused on the Holidays (Thanksgiving through Cyber Monday)
• Just 26% of consumers expect to wait until December to get started on Holiday shopping. That’s over 15% less than last year.
What Does This Mean To You?
With so many consumers already shopping, you should have your Holiday strategy solidified very soon. Look for ways to lure shoppers who maybe starting to think about the Holidays without jolting others with how close they actually are. Explore initiatives to make Holidays fun, and get them thinking about things that are often left to till last minute because they slip through the cracks. Holiday shopping is often done as a group activity – think about ways to leverage that. Also look for other businesses to partner with.
Holiday photos and custom holiday cards are things that are often forgotten about and when they come up – it is often too late to have them for the holidays.
Big ticket items like appliances may not be great gifts for some people, but there could be an appeal in cooking Thanksgiving dinner is a new kitchen or having holiday guests stay in a newly remodeled home. Another group to target are consumers whose time is at a premium, Executives and moms in particular. Have you considered creating in-store events that draw in these lucrative segments. For more information on getting holiday shoppers in early, please contact:
Source: Accenture Research