We’re stuffed with Thanksgiving leftovers and into the last month of the official holiday shopping season. Can you believe it?
What I can’t believe are these holiday shopping stats! Not to give anything away, but one report states we’re about to hit our biggest holiday spending number on record. So, what are these stats, and why do they matter? We rounded up a few of our favorites, threw in some takeaways, and added a handy infographic below.
Gen Z & Baby Boomers Will Shop in Store
This might come as a surprise, but the majority of Gen Zers in one study report they’ll be shopping in store this season. And this might be less of a surprise, but the majority of Baby Boomers also report they’ll be shopping in store for the holidays.
Plus, according to our holiday shopping poll, 89% of those who responded said they would be shopping both online and in store.
What this means: There’s long been speculation that brick-and-mortar stores will become less and less prominent as more consumers turn to online shopping. So, this report that Gen Z, arguably the most connected generation today, prefers to shop in stores during the holidays might be a confidence boost for business owners. We know that Gen Zers crave authenticity when engaging with a business, which may speak to why they’re planning to shop in store “ they can have an experience with a business and its employees that they likely wouldn’t be able to have solely online.
Millennials Will Shop on Their Phones
While Gen Z is shopping in stores, over one-third of millennials plan to make most of their holiday purchases on their phones.
Speaking of mobile devices”¦
84% of Consumers Research Purchases on Their Mobile Devices
According to one study, the majority of consumers will use their mobile devices to research before making a purchase in store. This means that while in-store shopping is still alive and well, consumers are taking an online-to-offline approach to spending this holiday season.
What are they researching? The study didn’t say, but as a consumer myself, I would imagine they’d be looking for online reviews of businesses and products, discounts and deals to use during their shopping sprees, and how to find the nearest business that sells what they’re looking for.
What this means: Mobile marketing is a must if you’re looking to reach consumers researching (and buying) on their phones. You want to make sure that they’re able to find you on top search engines, which is where the majority of shoppers begin their research.
Low Prices are a Top Motivator
More than 40% of consumers in this study reported that low prices were their top motivator when making purchasing decisions. This shouldn’t be a shock, especially when it comes to holiday shopping. Last year, the average consumer reported spending just over $1,000 during the holiday season, so looking for ways to cut that cost a little bit makes sense.
In addition, our poll found that respondents most valued discounts, coupons, and special offers are from businesses during the holidays.
What this means: If you’re having a sale or offering any type of special this season, make sure consumers know about it. You might also consider bundling popular items or services to appeal to bargain-conscious shoppers.
Consumers Will Spend Over $1 TRILLION This Season
According to eMarketer, the U.S. will experience its first trillion-dollar holiday season this year.
This is a big milestone. And, eMarketer’s report also states that the majority (57%) of this spending will be happening in stores rather than online.
What this means: Again, consumers are reporting that they prefer to spend with a brick and mortar store. So, make sure you’re easy to find and contact throughout the holiday season. And, this might be a good opportunity to hold some in-store events to bring more consumers to you.
An Extra Helping of Tips
If you’re a business owner trying to get in front of the holiday spenders this season, understanding consumer behavior might help you out a bit. Since we know that consumers will be researching (and doing some shopping) online, you’ll want to make sure your business is appearing where they’re looking. And, you’ll want to find ways to drive them to your location.
Geofencing is one local marketing tactic that can help you target consumers in a specific area and offer them a coupon or deal that entices them to visit your location. This speaks to both in-store shopping and one of their top motivating factors for making a purchase: price.
Want even more holiday shopping tips or help with your holiday marketing? Contact us today to see what the team with LOCALiQ can do for you.