Current Festive Shopping Trends That You Must Know
𝐓𝐡𝐞 𝟐𝟎𝟐𝟐 𝐟𝐞𝐬𝐭𝐢𝐯𝐞 𝐬𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐬𝐞𝐚𝐬𝐨𝐧 𝐡𝐚𝐬 𝐚𝐫𝐫𝐢𝐯𝐞𝐝!
On top of the ever-changing business landscape, customer needs and demands are also constantly changing, therefore staying ahead of these changes and anticipating them is crucial in order for brands to prosper.
Customers around the world are now looking for brands that can offer personalised, convenient, and practical solutions to improve their lives. Read on to find out more about the current festive shopping trends that you should know as we enter the holiday season in 2022.
📌 The Festive Season Has Already Begun
Since supply chain issues in recent years had taught them to plan earlier to make sure their holiday gifts would be in stock, close to 40% of consumers have already started looking for gift ideas as early as in May. By August, over 30% of consumers had already bought gifts.
In response, retailers are beginning to release their festive deals sooner than before. For instance, departmental store Takashimaya started their special Christmas promotions a few weeks before the actual Christmas.
Retailers are now breaking up huge, one-off events into multiple smaller-scale events which began at a time when shoppers were reluctant to visit crowded offline stores in light of the COVID-19 pandemic.
📌 Having a Strong Omnichannel Presence Is Key
Physical stores are more popular than they were a year ago, both as places to make purchases and as sources of inspiration. Online advertisements are also more common than they were the previous year for discovery and brand awareness. This suggests that in order to thrive, brands must focus on not just their online or offline presence, but both at the same time.
Interestingly, customers who simultaneously access the retailer's website while in the store make purchases approximately twice as frequently, suggesting that what customers see and read about a brand and its products online can help push them towards making the purchase. Many brands are also seeing more buy online, pick up in store (BOPIS) transactions being made by customers as compared to in the previous year.
As a result, it is crucial for brands to have a strong omnichannel presence, and have a strong understanding of their customers in both the online and offline channels. This way, brands will be able to target their customers effectively by leveraging on data to recommend the most suitable and personalised products and services for each customer.
📌 Online and Social Media Sales Are Predicted to Dominate in 2022
Brands must focus on designing an intuitive, practical, and personalised online and mobile experience. Currently, 40% of consumers have plans to do the majority of their holiday shopping online, as compared to just 30% in 2019. It is predicted that online shopping will generate a whopping USD $209.7 billion this year.
Notably, brands should also optimise and develop their social media presences, as survey findings point to a growing interest among customers around the world in utilising social media as a tool to aid their online shopping journeys.
While Facebook remains as the leading platform that consumers would consider making a holiday gift purchase from, new social media platforms such as TikTok are gaining popularity among consumers. 24% of consumers would now consider purchasing holiday gifts from TikTok, up from 18% in 2021.
📌 In the Midst of Inflation, Consumers Are More Cost-Conscious
Inflation is having a huge impact on the way consumers shop this holiday season, with 1 in 5 consumers saying they are unsure if or how their shopping habits will change in the midst of the current economic climate. 28% of consumers expect to spend less this holiday season, and according to Adobe, despite online shopping being expected to dominate in 2022, it is expected to grow at its slowest rate since 2015, with a rate of 2.5% year-on-year.
As a result, many brands are gearing up for the holiday season by loading up their stores with discounts and bundle deals in order to attract cost-conscious consumers. Therefore, as mentioned in our previous blog on how to leverage festive seasons to boost sales performance, having an effective pricing strategy is key for your brand this holiday season.
📌 Leverage 2022’s Festive Shopping Trends Now!
VKT is a data-driven strategic consulting & digital marketing agency. We are obsessed about performance and helping businesses turn ineffective digital marketing campaigns into visible, measurable results, in the form of lead generation and revenue growth. In the past month, we have achieved 120% revenue growth for our clients, leveraging on customer insights and data analytics to formulate and optimise our marketing strategy.
With our experienced MRA & EDG Certified Consultant, VKT boasts a proven track record in achieving a high EDG application success rate that grants your business up to 70% funding for SMEs and 50% for non-SMEs. Looking to optimise your holiday marketing campaign in light of 2022’s festive shopping trends? Contact us now for a festive digital consultation!