57% of marketers admit they are unprepared to change consumer behavior
As the holiday season is in full swing buying behavior among consumers is expected to decrease with in-store purchases. This according to research by BlueVenn. More than half of marketers (57%) admit to worrying about not being able to adapt to changes in shopping behavior this holiday season.
The study reveals that 64% of American consumers will radically change the way they shop this year. This throws a wrench into the forecast and forecast that businesses typically rely on during the holiday season.
Marketers are unprepared to change consumer behavior
This year, those planning not to visit stores and retailers are expected to reach 17% from 8% in 2019. And that makes 61% of marketers fearful of losing repeat customers to online channels.
Some of the expected changes in buying behavior include:
- On a tight budget, only 22% of US consumers plan to spend more on Christmas, while 48% will spend less.
- Only 30% of shoppers will spend the same amount as last year for Christmas. While 22% plan to spend less than they did last year.
- The percentage of shoppers planning to do more than half of their purchases in-store has more than halved, from 54% to 26% this year.
- More than half (56%) of all U.S. shoppers will purchase their gifts using both in-store and online purchases this year.
- On the upside, U.S. gift hunters will spend 11% more per trip than last year.
What’s gnawing at the holiday shopping spirit?
Stores are expected to be less crowded this year, with 72% of U.S. shoppers predicting to buy less. For 36% of American consumers, they cite security concerns as their main reason for staying away. Shoppers 55 and over were the most concerned, accounting for 38% of those who avoid in-store purchases.
Encourage buyers to come and buy
US buyers see price as the main factor (80%) that could incite buy them in physical stores. This is followed by having bought from the store in the past (65%). In the United States, flash sales are very close to above the need for a personalized experience with a margin of just 1%. With 59% looking for flash sales and 58% looking for a personalized shopping experience. Personalization is more important for the 35-44 age group than for any other age group. Sixty-four percent of U.S. buyers in this age group are influenced by it.
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