As the holiday season approaches, retailers and manufacturers are gearing up for a shorter shopping period between Thanksgiving and Christmas. However, this change in timing does not mean that consumers will have less holiday shopping to do. They still have the same number of friends and relatives to get gifts for. In fact, it presents an opportunity for marketers.
The good thing about fewer shopping days leading up to Christmas is that the frenzy level is intensified. More frenzy means more excitement and more impulse shopping. And impulse shopping is critical to retail growth, particularly at brick-and-mortar stores. While online shopping may be less affected due to shipping deadlines, the frenzy continues to build in physical stores. With fewer days to shop, consumers are more likely to make spontaneous purchases, contributing to retail growth during the holiday season.
The traditional pattern of holiday shopping has shifted, with three spending peaks separated by lulls. This new pattern emphasizes the importance of retailers and manufacturers hitting the right notes at the right time to engage consumers and outperform the competition. The first peak, with fall retail promotions, is already in the rear view. In this year’s Holiday Purchase Intentions Study, almost a third of holiday shoppers said they plan to wait until the Thanksgiving holiday weekend — the second peak — to start their holiday shopping. More than 20% of holiday shoppers won’t start until sometime in December — which this year includes Cyber Monday — creating the final peak just before Christmas.
The shorter shopping period between Thanksgiving and Christmas does not dampen consumer spending. Instead, it intensifies retail opportunity. Retailers and manufacturers must strategize to capture the attention of consumers during the limited shopping days and make the most of this retail frenzy.
When there is less urgency to shop from a value-driven, deal-seeking consumer, with few hot products being sought out, the holiday timing frenzy becomes retail’s best friend.
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