With the fall season right around the corner, it’s that time of year again—no, not time for the retail holiday decorations to go up just yet (thank goodness), but it’s time for communicators to get on their holiday marketing game, if they haven’t already (and they should have). A new survey from product visualization tech firm Nfinite provides a good early glimpse of insights into how consumers plan to shop this season so marketing and PR pros can strategize for navigating the evolving landscape of holiday shopping.
The firm’s newly released Nfinite Holiday Shopper Report, based on findings from a survey of over 1,000 consumers in the US, highlights that shoppers are contending with tighter budgets, leading to an increased focus on saving money and proactively seeking out discounts while shopping this holiday season.
Key findings include:
- 30 percent of respondents reported a reduced budget for this year’s holiday shopping compared to last year.
- 33 percent expressed intentions to purchase fewer holiday-themed or seasonal products compared to last year.
- Primary reasons for reduced spending this year included the desire to save money (46 percent), economic uncertainty (39 percent), and changes in personal financial situations (38 percent).
In spite of these prudent spending trends, consumers will remain actively engaged in holiday gift-giving and celebrations this year
Noteworthy insights include:
- 50 percent of respondents will be starting their holiday shopping earlier this year compared to last year.
- 76 percent prioritize price considerations when making online holiday gift purchases.
- 66 percent of consumers actively seek out product discounts.
- 56 percent of respondents plan to shop in discount stores, and 42 percent intend to take advantage of specific sales events such as Black Friday and Cyber Monday.
The report emphasizes the critical role of retailers in providing guidance and information to consumers during the holiday shopping journey
While search engines retain influence, the study highlights that retailers’ websites, apps, and social media platforms significantly shape consumer decisions. Research methods such as online product reviews and ratings (57 percent), browsing retailer websites or apps (55 percent), and seeking recommendations from friends and family (45 percent) are popular among consumers.
“Our latest research reveals valuable insights into consumer behavior during this holiday season, as economic uncertainty impacts purchasing decisions,” said Alexandre de Vigan, Nfinite founder and CEO, in a news release. “Crucially, retailers must recognize the importance of their content across all channels in shaping consumer purchasing decisions. In today’s cost-conscious world, producing compelling content on websites, apps, social media, and other channels is crucial for winning consumer spending in an increasingly competitive environment.”