With several holiday seasons in the rearview mirror that were quite unlike any we’ve previously known — we now see light at the end of the tunnel.
According to Vericast’s recently released 2023 Retail TrendWatch report, there’s optimism in the air. It shows consumers yearning for the merry and bright traditions of yesteryears. From the resurgence of Black Friday to a preference for experiential gifting, here's an insight-driven journey through the eight pivotal trends impacting this year’s holiday season.
1| Financial Forecast: More Spending, but With Caution
This year’s TrendWatch indicates a rise in holiday spending for 2023. A quarter of consumers plan to spend more, yet there's a notable drop in those intending to limit holiday expenses compared to 2022.
2 | Holiday Dining: Home Kitchens to Eateries Holidays are a time for food indulgence. Recently, more people are dining out for festive meals. Key trends include:
- Millennial Choices: Many millennial parents now prefer restaurants for holiday celebrations.
- Local Love: There's a surge in supporting neighborhood eateries, reflecting a deeper sense of community spirit.
3| A New Approach to Holiday Shopping: All Year Round!
The hunt for holiday deals is taking on a new shape. A considerable segment of consumers (51%) now shop throughout the year for the festive season, while many are opting to purchase gifts (55%) as they stumble upon deals, shifting away from the age-old tradition of waiting for specific shopping days.
4| Brand Loyalty’s New Look
Consumer brand loyalty is shifting, with surveys indicating a decline. Yet, opportunities remain. Brands offering personalized experiences can regain trust. This shift reflects recent uncertainties and a consumer move toward value-driven choices.
5| The Black Friday Revival: A Nostalgic Resurgence
While online shopping dominates, younger demographics, especially 74% of Gen Z, 64% of millennials, 69% of parents and a significant 75% of millennial parents, express a clear nostalgia for traditional Black Friday shopping. This data suggests that the hustle and bustle shopping experience still has its quirky charm.
6| Brick-and-Mortar's Sensory Allure
Even amidst modern conveniences, in-store shopping retains its allure for several reasons:
- Fit and Feel: Consumers cherish physically trying on items.
- Taste and Touch: In-store samples continue to captivate shoppers.
- Human Touch: Personalized, in-person service remains invaluable.
- Exclusive Offers: Special in-store promotions pull customers in.
These points underline the timeless attraction of hands-on shopping, letting consumers connect directly with products.
7| Balancing Celebration and Economy
As holiday enthusiasm peaks, consumers blend celebration with savings, using diverse channels:
- Mail-In Deals: Coupons via mail or newspapers are top sources for holiday promotions.
- Email Alerts: Many shoppers keep an eye on their inboxes for the latest deals.
- Online Discounts: Scouring the web for online coupons or discounts remains a popular method of bagging holiday savings.
- Classic TV Ads: Cable or traditional TV advertisements haven’t lost their charm, with many shoppers relying on them to discover holiday promotions.
- Print's Power: Catalogs and print ads arriving via mail or newspaper still sway consumers.
These trends underscore the importance of a multichannel strategy for retailers. Delivering value is crucial to securing shopper loyalty during the festive season.
Vericast is at the forefront of understanding industry trends and shifts in consumer behavior. As a partner in navigating these evolving times, Vericast aims to enrich holiday marketing strategies, ensuring they are not only proficient but also deeply resonant with target audiences. For marketing decision-makers looking to revitalize their approach or expand their reach, even on a restricted budget, these insights are invaluable.
Stay ahead, stay informed, and most importantly, create holiday campaigns that truly matter! Unwrap the trends shaping retail's future. Download the 2023 Retail TrendWatch, “A Joyful Return to the Holiday Spirit.”
Source: Vericast Awareness-to-Action Study, April 202