Deloitte Finds Holiday Shoppers Spending Big By October
Many consumers are starting holiday shopping earlier, with nearly 30% of budgets expected to be spent by October's end, according to Digiday. This shift may change how retailers approach the season.
Original reporting · digiday.com
Original: “Nearly 30% of holiday budgets expected to be spent by the end of October”
Read “Nearly 30% of holiday budgets expected to be spent by the end of October” at Digiday →How this was written. The 5:45 wrote this article with a language model from Digiday’s reporting (model: @cf/meta/llama-3.3-70b-instruct-fp8-fast); it describes that reporting rather than adding to it. The original, linked above, is the full story.
Key points from Digiday’s report
- Nearly 30% of holiday shoppers' budgets are expected to be spent by the end of October, according to Digiday.
- Shoppers are becoming more savvy and intentional with their spending, doing more research and looking for ways to maximize their budgets.
- Holiday value seekers are a key group of shoppers who are driving this trend, looking for the best value and convenience.
- Retailers need to be prepared to offer competitive pricing and promotions throughout the season to attract these shoppers.
- The holiday shopping season is getting longer, with more sales happening outside of traditional Black Friday and Cyber Monday shopping days.
The holiday shopping season is getting longer, with many consumers starting to spend earlier in the year. Digiday reported that a significant portion of shoppers' budgets will be depleted by the end of October. This trend may impact how retailers stock their shelves and offer promotions.
More shoppers are taking advantage of sales events outside of traditional Black Friday and Cyber Monday shopping days. In fact, many consumers are now shopping during October sales events, with some even buying gifts as early as June. This shift in consumer behavior may require retailers to adjust their strategies.
Deloitte's survey of 4,000 consumers found that shoppers are becoming more savvy and intentional with their spending. They are doing more research and looking for ways to maximize their budgets. As a result, retailers need to be prepared to offer competitive pricing and promotions throughout the season.
A key group of shoppers, known as 'holiday value seekers,' are driving this trend. These consumers are willing to do their research and make trade-offs to get the best value for their money. They are also more likely to use loyalty programs and rewards to stretch their dollars further.
Holiday value seekers are not necessarily looking to spend less, but rather to get the most bang for their buck. In fact, they plan to spend more this holiday season than other shoppers. Retailers who can offer them the best value and convenience are likely to win their business.
While some retailers may feel pressure to have their full holiday assortment on shelves by early October, this may not be necessary for all products. Certain big-ticket items, like televisions, may be more likely to sell early if they are offered at a good price. However, other categories, like apparel and toys, may see more sales later in the season.
To succeed with holiday value seekers, retailers need to make sure their products are in the right places and that their value proposition is clearly communicated. This may involve offering competitive pricing, fast shipping, and loyalty rewards. By doing so, retailers can attract these savvy shoppers and drive sales throughout the holiday season.
Questions and answers
What is a holiday value seeker?
A holiday value seeker is a shopper who is willing to do their research and make trade-offs to get the best value for their money, according to Digiday.
How are shoppers changing their behavior this holiday season?
Shoppers are starting to spend earlier in the year and are taking advantage of sales events outside of traditional Black Friday and Cyber Monday shopping days, Digiday reported.
What do retailers need to do to succeed with holiday value seekers?
Retailers need to make sure their products are in the right places and that their value proposition is clearly communicated, offering competitive pricing, fast shipping, and loyalty rewards, according to Digiday.
