With Black Friday approaching in the lead-up to Christmas and our Power Pitching event just around the corner, the current industry trends are at the forefront of influencing retailer’s decisions.
What is Christmas 2022 going to look like for the retail industry? Is it going to be a white Christmas where the high street is crammed full of shoppers fighting over the last snowflake decoration? Or has the rise in TikTok stars caught the attention of consumers to the point that our mobile devices and influencers are going to be the place to look for the must-haves this coming season? With a focus on Gen Z shoppers, here are some interesting insights on what is trending this holiday shopping season.
Where will shoppers shop this year?
It is of no surprise that with the rise in the cost of living, shoppers are starting to purchase for Christmas earlier this year to ensure they are stretching their budget over the coming months effectively and avoid the potential delays. However, whilst some might assume that online shopping will be the go-to for consumers, especially with customers notably commenting that the high street is looking more scarce each year, 69% of independent retailers remain confident “that consumers will continue to support them” (Ankorstore).
It is important to note that, understandably, 41% of consumers are planning on buying fewer gifts. Yet, this isn’t stopping brands from trying something different this year, provoking the expectation that 46% of shoppers are open to buying digital collectables and non-fungible tokens this Christmas. This year, digital art and digital twins will be introduced to see how consumers respond.
Tik Tok Takeover
Not only has TikTok taken over the social space, but with the combination of its advertising facilities, use of affiliates and bank of influencers, we can’t be too surprised that holiday inspiration may be coming from this particular app this year. Unlike previous years where celebrities kicked trends into actions, influencers remain extremely popular with Gen Z and Millennials. The majority of these groups are finding new products through social media and a close second being in-store purchasing. Furthermore, 75% of consumers prefer using their mobile devices when searching for gifts, keeping TikTok, influencers and online shopping all in one easily accessible place and thus, it is predicted that “mobile usage will dominate the ecommerce industry”.
Black Friday back in business
With Black Friday steadily declining in its hyper popularity, aside from a peak in 2020, the entire month is instead slowly converting into a term coined ‘Cyber Month’ . Ankorstore predicted that Gen Z especially will be spending 38% more than they did the year before which met an average of 17%. Unfortunately, the current economic climate is leading to slightly less promising news overall, with a prediction of consumers spending 50% less this Black Friday .
What can brands do to support these trends?
Personalise. Whilst price, as always, is a high priority for consumers, quality following closely in their interests, a personalised customer service experience will go a long way in helping brands stand out this year. This is where the decision to write a review is often instigated, therefore helping your customers come full circle in helping the brand as well.
As 55% of millennials prefer a product that has strong reviews behind it and 62% of Gen Xers want an active community behind the brand they are supporting, brands can take note of where their customer experience can exceed expectations. Charity donations with a product’s percentage of proceeds will also end up going a long way, with 57% of Gen Zs more inclined to purchase with this added feature (Hubspot). It is very hard to please everyone, but it has become clear that with less funds available to splurge this season, the personal touch will win a lot of consumers back onto the high street this year and put certain brands at the forefront at such a competitive time of year.