2019 Holiday Shopping Retail Trends Pt. 2
In part 1 of our series on 2019 Holiday Shopping Retail Trends, we focused on the shortened holiday season, promotions, and the advantages of physical, brick-and-mortar retail stores. Now for part two, we turn our attention towards brand experiences, shopping days, and holiday spending.
What Are People Spending Money On During The Holidays?
The holiday season is a time for buying and giving presents, but it’s also a time for socializing, dining out, staying at hotels, and travelling. Entertainment experiences are a big driver in holiday spending. Two-thirds of holiday shoppers plan on socializing away from home, spending an average of nearly $400. High spenders–the top 20% of shoppers who account for 60% of total holiday spending–use over 30% of their holiday budget on travel and socializing away from home. In order to win the holidays this year, high spenders should be a priority for retailers—especially those offering experiences.
Holiday Brand Experiences Matter
Thanks to technology and digitalization, consumers now expect more from the brands and companies they purchase from that just a simple transaction. The majority of consumers are unimpressed or displeased with the lack of personalization in their shopping experiences. Retailers that offer meaningful experiences will find the most success this holiday season.
- 84% of customers say the experience a company provides is just as important as the products and services it offers.
- 80% of consumers are more likely to do business with a company if it offers a personalized experience
- 83% of shoppers are willing to share personal data to enable a personalized experience.
- 91% of consumers are more likely to shop with brands that recognize, remember, and provide relevant offers and recommendations
Offer Unique Holiday Rewards And Incentives
During the highly competitive holiday shopping season, consumers are actively looking for engaging promotions, incentives, rewards, messaging, and interactions from the brands they love. Ensure your holiday rewards and incentives are as unique as your clients. Make more moments that matter by recognizing and rewarding the actions that impact your business.
So how do you make rewards relevant and personalized in 2019?
- Offer immediate rewards.
- Personalize incentives by including the recipient’s name.
- Make sure the rewards are flexible and can be redeemed as the customer sees fit.
- Promote your rewards during important holiday dates.
Pick Your Shopping “Battles”
Some consumers are not interested in dealing with large physical crowds or bogged-down websites during the mad rush of Black Friday and Cyber Monday. Instead of trying to compete with online giants like Amazon or billion-dollar big-box stores, brands can focus on other days throughout the holidays. Previews sales, midweek deals, and in-store-only offerings are great ways to increase foot traffic and keep sales steady throughout the entire season.
Make The Most of the Holiday Season As A Retailer
For more great holiday tips and retail trends, make sure to check out our 2019 Holiday Incentive E-Book below to see how DCR Strategies can help you win the season with innovative incentives that make an impact.
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