Holiday 2013: Five Trends To Watch
For this 2013, we have piled up a couple of trends to look for this holiday season as far as spending goes.
Today’s shoppers are pickier than ever, and do more research on the gift items they want, thanks to mobile technology.
Shoppers will spend even less this year than last. The National Retail Federation (NRF) found that shoppers plan to trim holiday spending by 2% from last year.
The NRF’s numbers are significant as the organization’s forecasts are usually the most optimistic of the bunch. If the public face of the retail industry is being conservative, it’s time to take note.
Still, the NRF says overall holiday spending will increase 3.9% to $602 billion this year.
Self-gifting is on the decline. Shoppers will cut back on impulse buys for themselves, according to another interesting tidbit from the NRF annual holiday survey.
Shoppers have gotten better at sticking to a budget and treating themselves to something because the deals are too good to pass up.
Consumers are bigger on managing tight budgets while still spending on items they need to, whether it’s gifts or groceries for the families. Retailers can expect to see refined attitudes from their customers this season as families make thorough decisions about what they need to buy and what they can pass on.
Discounts rule more than ever. According to Accenture’s annual shopping survey, even those planning to spend more this year than last, will be hunting for deals. In fact, 62% of respondents said it will take a discount of 30% or more to persuade them to make a purchase, up 10% from 2012.
The survey shows that bargain-conscious U.S. shoppers are tracking prices very carefully and 39% said that if they discover that an item they have already purchased is subsequently offered at a lower price, they would likely return it and repurchase it.
We’re shopping earlier. When the NRF asked shoppers why they chose to shop early, most said it was to better spread out their gift budget or take advantage of prices and promotions too good to pass up.
This will be an omnichannel holiday. Online, in-store and mobile retail initiatives are all coming together provide a seamless shopping experience. It’s what consumers expect and retailers are working hard to oblige them.
Nordstrom, Macy’s, Target, Walmart and Best Buy are considered to be the best in customer experience. Shoppers can buy online, pick up in stores, enjoy ubiquitous returns and price match with other stores and sites. It’s not perfect, not yet, but this holiday will be much improved over the last.
The Great Recession has taught shoppers a lot of lessons. We’re more restrained, better able to stick to a budget, devoted to discounts and better planners — all trends that will play out this holiday season.
Sources: http://www.forbes.com/sites/lauraheller/2013/10/27/holiday-2013-five-trends-to-watch/