The trend: Last year’s earlier-than-ever start to the holiday shopping season is driving consumers to expect more of the same this year.
- Half of consumers (50%) expect to start their holiday shopping before the calendar turns to November, per a new Optimove consumer survey.
- When asked what will motivate them to buy, 65% pointed to discounted prices. Another sizable segment, 26%, appears scarred by last year’s supply chain issues as they aim to ensure their desired items are available.
Why it matters: Retailers that are looking to lock in crucial Q4 sales need to aggressively price their products.
- Nearly seven in 10 (69% of) shoppers said price is the top factor influencing their purchasing decisions during the holidays, outpacing quality (56%) and convenience (41%).
- Four out of five (80% of) consumers said price would drive them to try a new brand or store and 59% said better prices would motivate them to shop at an unplanned location.
The big takeaway: Our US Retail Holiday Season Sales forecast expects sales to grow 4.5% this year—down from last year’s 4.8% increase.
But retailers seeking to grab a share of those sales gains need to move early and aggressively to drive shoppers to buy.