Black Friday and Cyber Week are officially here – both of which bring some of the biggest retail deals of the year. Retailers have been diligently planning for these large-scale events, but may be left wondering what role the economy and the aftermath of COVID-19 might play in generating revenue this holiday season.
The National Retail Federation (NRF) recently shared the following buying trends that will help retailers navigate this holiday season:
- In-person shopping is increasing: 45% of holiday shoppers say they are likely to browse and buy in stores on Black Friday this year.
- Inflation and the impending recession are changing how people buy: 58% of holiday shoppers also say that sales and promotions are more important to them when shopping for gifts and other holiday items this year compared with last year. This is up significantly from 48% in September 2021.
- Holiday spending is important to buyers, but it’s a stretch: 43% of consumers say they don’t earn enough to cover the costs of gifts and other holiday items this year. These shoppers are looking for other ways to supplement their income, including dipping into savings (40%), taking on credit card debt (32%), using services like buy now, pay later (25%), and selling assets (22%).
- Focus on in-store purchases: In previous years, there has been a huge increase in online purchasing, but it’s apparent that this year is quite different. While many consumer habits brought from the pandemic will continue, retailers should be ready to welcome back in-store shoppers this holiday season.
- Be prepared for reduced spending: It’s a fact that wallets are tighter this holiday season. As a result, shoppers will be on the lookout for bargains and promotions.
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