Our last post looked into how mobile is set to affect Thanksgiving and Black Friday sales. Today we are going to look into just how big the 2014 Holiday season may be. New research shows that cash registers might be ringing just as loud as those sleigh bells.
● Overall, total Holiday sales are predicted top to increase by 4% to 4.5%. In 2013, early estimated pointed to a 3% increase in sales
● Nearly 70% of consumers plan on spending roughly the same as they spent last year.
● 15% plan to increase spending over last year. This is a slight increase over last year.
● 16% plan on spending less than they did in 2013.
● Just 42% of holiday shoppers plan to adhere to a spending budget
What This Means To You
With the vast majority of shoppers planning to spend about the same as last year, it’s important to take your shopper share off the top as early in the season as possible.
Currently, consumer confidence is very high and the weather has not turned bad in the extreme snow belt. Because events happen very quickly and weather is likely not to stay nice through the Winter Holidays, it’s important to take advantage of the situation while you can.
It’s also important to set yourself apart from the competition.
What are some easy ways to increase your chance of drawing in early holiday?
Leverage your loyalty programs – Send out holiday offers, but make sure they are relevant. Relevant offers become shopping tools, non-relevant offers are usually ignored. If you’ve got the data on what your customers purchase, you need to use it.
Create special in-store events – Contact your vendors and partners to see if they can help. They may even be able to help pay for the event or the marketing of it through co-op programs.
Look to see what your competitors are doing – Odds are they are planning to do something as well. The last thing you want is to give them a competitive advantage by create second rate offers or events.
Contesting – There are many reasons why consumers choose one business over another. Price, offers and convenience are some of the biggest. But if you can offer you customers a chance to win something, it could break a tie between you and a competitor.
The holidays are a make or break time for many businesses. Look for every opportunity to create a winning situation. For more information on creating traffic during the holidays and converting those shoppers into long term customers, please contact: