Recent data gives us a little more insight into what could be a conservative time.
According to a recent report, consumers are approaching the holiday season with caution. As we recently pointed out at The Lempert Report holiday shopping is off to a slow start, and this recent data gives us a little more insight into what could be a conservative time.
The National Retail Federation survey of 6,415 consumers , conducted at the start of the government shutdown, revealed that planned average spending these winter holidays would be about $737.95. That's down 2% from a year ago. Pam Goodfellow, Director of consumer insights at Proper Insights is quoted as saying "Retailers can expect to see practical and refined attitudes from their customers this holiday season, as families make thoughtful decisions about what they need to buy and what they can pass on".
To win over customers this season and to boost sales we suggest retailers emphasize holiday offers that are practical and most valuable, in time and money. From, perhaps, prepared meals to organized displays that gather ingredients for holiday meals will appeal to the time and money conscious shopper.
The report also notes that the average person plans to do almost 40% of their shopping online this year, vs. 38.8% last year and the highest amount in the survey’s history. To combat this, we urge stores to utilize social media like Facebook and Twitter. Reach out with in-store, holiday focused deals, coupons and advertise upcoming sample offerings and displays that give consumers a reason to make the trip.