How consumer’s behavior changes during the festive season
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We are soon approaching – the most competitive and profitable time of the year – the festive season. This is the time when brands and businesses start prepping up for holiday marketing ideas around the same time. For the simple reason that the year-end season brings along the time for much-awaited holiday shopping. And in order to rope in maximum festive season sales, brands need to come in tandem with the shifting consumer behaviors.
So, here are some points you can take a note of to understand your audiences better and how shopping behaviors emerge.
Urge to splurge
People often buy things they don’t need – called ‘impulsive buying’. Psychologists believe the tendency for impulse buying is associated with the desire for a sense of empowerment and boosting self-esteem. Studies show that we feel a sense of achievement when finding an amazing deal. Holidays are the time when people get into a happy mood. They are more likely to spend more on things that give them joy like buying new stuff. During the festive mood, people tend to make more purchases and spend more money as psychologists believe it boosts their self-esteem.
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Looking for offers
For most holiday shoppers, a good offer is way more important than the brand. Festive season is the time when buyers eagerly wait for impressive discounts. And it’s not just about the discounts in the prices, people also look for other attractive offers like, complimentary gifts, free shipping, or free gift packs and such like. Thus, people browse through several deals and pick the one that seems most valuable.
FOMO of the festive season
During the holiday season, mega offers and sales bombard the online feeds and other advertising channels. And since humans have a tendency to take advantage of a situation, these sales and discounts motivate the people to buy more. This develops a fear of missing out as no one really wants to miss the opportunity of buying their favorite items at unbelievable prices.
Necessity to gift
Every festival is an occasion to celebrate with your loved ones. During the holiday season , particularly in the months of November – December, it’s all about buying gifts. People purchase gift items for their family and friends, which in returns gives them a sense of fulfillment. This leads to more selling of gift items during this period of the year.
How does festive season 2020 look like?
The year 2020 is indeed a year of change. With the enforcement of the new normal, people are developing new habits that are eventually emerging as new shopping behaviors. With new habits finding place in many aspects of life, it is affecting the way people shop and consume products/service too.
So, here are key trends you can take a note of that are going to reign the shopping season 2020:
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Shoppers turning online
Due to the fears of contracting COVID-19 and enforced home-stay, more people are preferring to online shopping. Even though brick and mortar stores begin to reopen, a report suggests 82% of shoppers plan to continue shopping online this festive season. Moreover, the health crisis at the global level has pushed even the otherwise offline shoppers to adapt to the online habits. This indicates that this year online shopping will surpass the sales in the offline stores.
Gen X & Baby Boomers reign the mobile marketing
COVID – 19 has led people to depend more on technology than ever before. And this is especially true for the Millennials and Boomers. As per the latest report by Facebook, on an average 50% of Boomers and 72% of Gen X say they are spending more time on their mobile devices during the pandemic. Although the trend of going online was already in, COVID-19 outbreak has taken it a notch higher. On an average 85% of people globally are shopping online, averaging over 80% of Gen X and Boomers. Moreover, on average 44% Gen X and 30% Boomers are spending more time on shopping online. And this trend will continue to rise over the year end as the festive season approaches.
People will await Mega Sales
Despite the economic downturn and the impact businesses are facing, the holiday season 2020 indicates good times ahead for online businesses. On an average 53% of people in a global survey say that the COVID-19 outbreak has little or no impact on their overall financial health. People will look up to Mega Sales day like Black Friday, Cyber Monday, 11/11 (Singles day), and 12/12(Doubles day). This year there are chances of increase in participation in Mega Sales due to growing desire for great deals and minimize offline shopping.
Self-love in the festive season
This year, as people are staying home, they are giving more time to their self-development. Thus, during the holiday season 2020, people are more likely to buy stuff that gives them satisfaction of loving their own self. Self gifting enhances the feeling of self-love and thus people tend to buy gifts for their own use during the festive season. As a Facebook report reveals, with an average of 74% of global shoppers surveyed researching gifts for themselves during the Holiday season.
The Holiday season this year is going to be slightly challenging as the new normal has set in. And as more people turn to online options, digital marketing has become all the more relevant. The need of the hour is to become more sound digitally. Hence, talk to Digital marketing experts today and take your holiday marketing to the next level.