We have partnered with Coresight Research, conducting exclusive, proprietary consumer research gathering insights into the US consumer’s shopping psyche for this Holiday 2021 season, and what it means for the future of retail. Where, What and How Will US Consumers Shop for Holiday 2021 is a report is designed to provide in-depth research on consumers and their spending and behavioral trends for the upcoming holiday season.
Why is this important?
The Report delivers key takeaways such as where consumers are shopping, the most popular product categories, how consumers will discover products, post-purchase communication and the degree to which social media is an influence on specific age groups.
As stated in the press release, our CMO/CPO Sarah Engel provides, "In mid-October, we already find ourselves in an ultra-competitive holiday shopping season, with consumers recognizing the pressures of a broken supply chain and having higher-than-ever expectations of convenience. With this in mind, it is vital to understand how consumers feel and how they are spending. They are prioritizing health products, and they expect fast, free shipping and easy, free returns. Consumers are also shopping via social media more than ever, and they won’t show up empty-handed for the holidays if the product they want is stuck in port."
What do retailers and brands need to know NOW?
- Spending Categories - Consumers say they will spend on Health and Wellness above all other categories, with fashion and grocery ranking second and third.
- Ease/Convenience - The number one factor that consumers say will drive them to purchase a product is fast, free shipping, followed closely by easy, free returns. What was not at the top of their list? Discounts and promotions which weren't even in the top five for the under 45 age groups.
- Understanding demographic shifts - Consumers over the age of 60 will account for much of the rise in eCommerce this holiday, with 71% of consumers over 60 expecting to spend more online than they did last year. In the same age group, 16% indicate they will spend more on BOPIS or curbside-pickup orders this holiday.
- Looking ahead to 2022 - Retailers should increase their focus on omnichannel fulfillment and alignment. Perhaps through expanding brick-and-mortar store footprint, maximizing the use of the physical space when shipping, supply and warehousing problems arise. And don’t forget about the 60+ set! They have forever shifted their purchasing habits, will lead online shopping this holiday season, and absolutely expect such amenities as BOPIS (buy online, pick up in store) and curbside-pickup options!
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