Revisiting ancient comfort: Key developments shaping the festive cheer this year's holiday season

Revisiting ancient comfort: Key developments shaping the festive cheer this year's holiday season

Readyto dive into the vibes of this yuletide season? Let's take a look at the trends shaping the 2023 holiday shopping landscape, according to Vericast's 2023 Retail TrendWatch report.

1| Financial Forecast: Purse Strings Loosen, but Carefully

Looks like those holiday budgets are expected to be livelier this upcoming season. Around a quarter of consumers are planning to spend more, while there's been a noticeable dip in those hoping to limit holiday expenses compared to 2022.

2 | Foodie Fiesta: Home Cooking to Eateries

With holiday food indulgence being a staple, more people are choosing to venture out for festive meals. The trends include:

• Millennial That's Right: Many millennial parents are now swaying towards restaurants for holiday celebrations.
• Local Love: There's a significant increase in supporting the neighborhood eateries, showcasing a stronger sense of community spirit.

3| Spreading the Cheer... All Year Round!

The chase for holiday deals has taken on a new form. A considerable chunk of consumers (51%) is now shopping throughout the year for the festive season, and many are snatching up gifts (55%) as they encounter deals, breaking with the traditional wait-and-see approach.

4| Allegiance to Brands: A Shift Towards Personalized Experiences

Consumer loyalty towards brands is undergoing a change. Surveys indicate a decline, but there's a silver lining. Brands offering personalized experiences have a good chance of rekindling trust among consumers. This trend reflects the recent uncertainties and the shift towards value-driven choices.

5| The Black Friday Renaissance: Riding the Nostalgia Wave

While online shopping dominates, younger demographics are expressing fond memories of traditional Black Friday shopping. Gen Z leads the pack with 74% expressing their desire for the old-school shopping experience, followed closely by millennials at 64%, parents at 69%, and millennial parents at a whopping 75%.

6| Brick-and-Mortar: Sensory Delights All Around

In-store shopping still has its charm, inspiring consumers for several reasons:

• Fit and Feel: There's no beating the ability to try items on for size.
• Taste and Touch: In-store samples remain enticing.
• Human Touch: Personalized, in-person service continues to be invaluable.
• Exclusive Offers: Special in-store promotions lure customers in with irresistible discounts.

These points highlight the enduring appeal of hands-on shopping, letting consumers connect directly with products.

7| Blending Celebrations and Savings

As holiday cheer fills the air, consumers are "splurging and skimping" in a dance of celebration and savings. They're using diverse channels to find the best deals:

• Mail Mania: Coupons via mail or newspapers remain top sources for holiday promotions.
• Email Excitement: Many shoppers keep an eye on their inboxes for the latest deals.
• Online Bargains: Scouring the web for online coupons or discounts remains a popular tactic.
• Classic Ads: Cable or traditional TV advertisements still hold a strong appeal, as many shoppers look to them to discover holiday promotions.
• Print Power: Catalogs and print ads arriving via mail or newspaper continue to influence shoppers.

These trends underscore the importance of a multi-channel strategy for retailers. Delivering value is key to securing shopper loyalty during the festive season.

Vericast offers insights that help navigate the evolving retail landscape. As partners in this journey, Vericast aims to enhance holiday marketing strategies, ensuring they resonate deeply with target audiences. These insights are invaluable for marketing decision-makers seeking to revitalize their approach or expand their reach, even on a tight budget.

Click here to download the 2023 Retail TrendWatch, "A Joyful Return to the Holiday Spirit."

[References: Vericast Awareness-to-Action Study, April 2023]

1. Artificial intelligence (AI) can play a significant role in predicting consumer trends during the 2023 holiday shopping season, given the data from Vericast's 2023 Retail TrendWatch report.
2. As we transition into the TV viewing season, ads for home-and-garden and food-and-drink products can expect a boost, owing to the report's findings on consumers gravitating towards holiday promotions aired on cable or traditional TV.
3. The economy is expected to influence personal-finance decisions during the holiday season, with a trend of careful spending amid a loosened budget.
4. War-related tensions and geopolitical shifts might modify demographics' spending habits, potentially impacting the shopping landscape as people prioritize essential items over discretionary purchases.
5. Lifestyle choices and preferences, as outlined in the TrendWatch report, will drive significant shopping trends, showcasing the importance of understanding and catering to diverse consumers during holiday season marketing strategies.
6. The 2023 holiday shopping season is expected to see a surge in multichannel shopping, as consumers actively seek out deals via mail, email, online platforms, and traditional TV advertisements.
7. As the holiday season approaches, finance experts encourage shoppers to consider their options wisely, focusing on both splurging and skimping to balance their budgets, following the trends unveiled in the Vericast's 2023 Retail TrendWatch report.

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