It’s the holiday shopping season, so who do retailers have their advertising eyes on this year?
Happy Cyber Monday!
With Black Friday behind us and Cyber Monday underway, it's now officially the holiday shopping season! So who do retailers have their advertising eyes on this year? According to a recent survey from Nielsen of 25,000 households, millennials and minorities might be stores saving grace. According to the data, 17 percent of African-Americans and 13 percent of Asian Americans and Latinos said they expect to spend more this holiday season, compared to 10 percent of the overall population, according to a survey of 25,000 households last month by Nielsen. And about 17 percent of millennials said they plan to spend more online this holiday season, a higher percentage than other generations.
James Russo, Nielsen’s senior vice president of global consumer insights said in a press release that while marketers have been acknowledging they need to reach out to minorities for years, the survey's findings are an important push for companies as they look for growth.
And what kinds of gifts are expected this season? The survey shows that in this environment, practical items like gift cards are expected to be the top holiday gift this year, followed by tech products and toys.
As for millennials, companies have become more focused on them recently, especially as they are starting families and joining the workforce. But while retailers will try to entice consumers to spend early in the season, millennials and multicultural households will procrastinate a bit, waiting longer than the rest of the population to start their shopping.