Based on historical performance, self-reported expectations from consumers for the upcoming seasons, and feedback from retail leaders, actual performance for the holiday season is predicted to be more in the 6-8% year-over-year growth range, taking into account the current headwinds in the macroeconomy.
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It the digital age where consumers can browse online to compare products, read reviews, and maybe purchase, brands must consider the role that each channel plays and ensure their channel strategy is tied to the consumer journey. Meanwhile, retailers need to pay attention to their target shoppers and adapt their sales dialog to influence the purchase process.
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Brands and retailers are introducing more “deal days” (like Black Friday or Prime Day) in an effort to distribute their sales more evenly throughout the year – also benefiting consumers with more deals and chances to find the best prices. While this strategy helps companies even out earnings and performance throughout the year, it puts pressure on merchandising teams to ensure that their promotional calendar is constantly optimized, and that campaigns and events meet their objectives.
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The 2024 U.S. presidential election, set against a backdrop of inflation and affordability concerns, may impact holiday spending for half of American consumers. With the election’s timing overlapping the holiday season, many shoppers will face trade-offs in their budgets, prioritizing essentials over festive splurges in this historic and economically charged environment.
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About the report
Simon-Kucher’s 6th annual Holiday Shopping Study provides trusted insights into 2024 holiday spending, covering what Americans will buy, where, and why. Drawing from 1,000 U.S. consumers and 200 retail leaders, this report explores budgeting, gift categories, digital shopping trends, and even the impact of major economic influences on holiday shopping plans. Download the full report for the most comprehensive holiday shopping insights and retail strategies to stay ahead of the season’s trends.
We invite you to explore Simon-Kucher’s 2024 Holiday Shopping Report and to share, reference, and publish the findings with attribution to Simon-Kucher and a link to this page. For additional information, including strategic recommendations for retail industry executives and complete report data and methodology, please contact pr-inquiries@simon-kucher.com.
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