To say that this holiday shopping season will be a time of profound change would be an understatement. The COVID-19 pandemic is upending the retail industry to an extent that would have been unimaginable one year ago.
To help understand what all this means for retailers, we surveyed over 3,500 holiday shoppers in the United States, the United Kingdom, China, Germany, and France.
The new consumer
More than 60 percent of global consumers have changed their shopping habits, and they intend to stick with them.
E-commerce continues to boom with 37 percent of consumers planning to shop more online this year. However, omnichannel remains the spice for this holiday season as consumers look to multiple channels for gift inspiration.
The big loyalty challenge
According to Periscope’s Retail reimagined report,1 40 percent of consumers have tried new brands during the pandemic, and that behavior will continue over the holiday shopping period. Only 12 percent of the consumers indicated that they will shop from the same retailers and brands as they did last year.
Personalization and social media engagement may hold the key for retailers looking to win with new and existing customers. While 31 percent of consumers say social media could trigger a gift purchase, 25 percent say personalized campaigns could initiate a purchase.
Reduced holiday spending overall, but more on blockbuster days
While consumers plan to spend less overall during the holidays, they plan to spend more on blockbuster shopping days. They are price sensitive and expect value and better shipping costs, but also want convenience and availability.
Top shopping days
Black Friday dominates as the day that shoppers plan to spend, while the recent Amazon Prime Day came in a close second. In the United Kingdom, Black Friday overtakes Boxing Day as the most popular shopping day, while in China, Single’s Day takes the spotlight.
With the demand variable, consumers are getting a jump-start on this holiday season. Nearly a third of shoppers say that they will start earlier this year when compared to last year. While there is a general mix of both excitement and anxiety about shopping during a pandemic, three in four Chinese shoppers will enter the holiday season with enthusiasm.
This new report compiled by Periscope by McKinsey showcases the key trends that will impact the 2020 holiday shopping season. The survey asked over 3500 holiday shoppers in the United States, the United Kingdom, France, Germany, and China to provide insights into which big moments will really matter. This analysis highlights the six key trends that are shaping this year’s holiday season.