A recent survey conducted by the National Retail Federation (NRS) found that 44% of consumers are inclined to begin their holiday shopping now rather than later. The survey results were reported by Axios. Note that E-commerce companies have already begun to cater to early shoppers.
According to Axios, “the traditional holiday shopping season is dead.” Inflation and excess inventory are the two primary reasons why consumers are no longer waiting for Halloween to pass before shopping for the holidays. Axios cites the NRS survey in support of its position.
A second survey is noteworthy here. According to the Beyond Finance’s 2022 Holiday Financial Stress Survey, 68% of consumers anticipate holiday spending to increase their stress levels this year. These consumers will likely begin their shopping early to reduce anxiety and take advantage of pre-holiday sales.
It’s easy to understand the Axios report and the NRS survey. It’s also easy to understand that the actions by several E-commerce companies are fueling the fire for consumers to start their holiday shopping early. Consider, for example, Amazon’s second Prime Day promotion (taking place October 11 and 12). A survey from Klaviyo found that 78% of consumers were planning to purchase holiday gifts during the Prime sale instead of waiting for Black Friday. Keep in mind too that, in response to Amazon, Walmart, Target, and Best Buy have all started their own competing sales.
Since the outbreak of COVID, shoppers have increasingly turned to shopping online. E-commerce companies are using our concerns over inflation and inventory to help us keep to online shopping – true for both traditional holiday shopping and early holiday shopping. These companies are trying to give us “wins” (in terms of sales and discounts) to help keep us on their side.
If you sell you products on Amazon or another online retailer, you should take advantage of these early shoppers now!
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