As the temperatures drop and the store shelves fill with holiday décor, toys and food, let’s take a look at the overall holiday spending forecast that could help with last-minute marketing decisions.
The U.S. inflation rate remains steady, but as pre-pandemic shopping patterns return, consumer spending is expected to rise 4.5%. Non-ecommerce holiday season sales growth is projected at 3% and ecommerce holiday season sales growth is projected at 11.3%.
While holiday shopping seems to have started earlier this year, due to previous experience with supply chain issues, consumers are still looking for discounted prices and may hold off with larger purchases until Black Friday and other late holiday discounts begin.
And where are advertising dollars being spent? The trend of using data-driven advertising to drive results means the majority of budgets will go toward digital and social media. That doesn’t mean traditional media channels don’t have a place; they may be less cluttered and allow your message to break through.
Another way to meet consumers where they are is through their inbox. Email engagement is rising as people seek more personal and curated content experiences.
It’s not too late to point consumers to your door or website for some holiday shopping. Price driven messaging will be especially attractive, and making sure you have the inventory to meet demand is imperative.
Odney can help you with email campaigns, traditional media advertising, a social and/or digital campaign and more. We will guide you through the process of making the right decisions for your business to ensure you are reaching your target audiences this holiday season.