An important way to prepare for Holiday 2008 is to learn from past trends. Although history cannot always predict retail performance – especially during turbulent economic conditions – understanding purchasing tendencies from previous years can help to maximize your holiday sales. We hope you will take the time to not only review this data, but also use the information to help optimize your Q4 revenue!
Key takeaways:
- Analysts are predicting a 10% increase in holiday sales 2008 vs. 2007 ($32.1 billion vs. $29.1 billion). eMarketer, “Online Holiday Sales Forecast”, October 2008
- Nearly 80% of consumers start spending for the holidays before December, so plan your marketing and promotional timelines accordingly. BIGresearch for NRF
- Jewelry stores experience the largest percentage of their annual sales coming through in the holidays (30%). BIGresearch for NRF
- Black Friday and Cyber Monday promotions will boost Q4 revenues if you take advantage of these early holiday spending sprees.
Leading Channels Used for Holiday Spending
According to a recent survey, US internet users will be shifting their shopping more online rather than at actual stores this holiday season (49% in 2008 compared to 22% in 2007). Consumers will be going online to get gift ideas, find bargains, and locate retailers who have their desired products in stock. Another enticement pushing consumers towards shopping online will be “Free Shipping” offers, which will allow shoppers to save money on gas. If you haven’t already, make sure to push Free Shipping offers. It is also a good idea to clearly delineate last ship date information to ensure products arrive before December 25th.
Source: the e-tailing group, “Mindset of multi-channel Shopper Holiday Survey” 10/15/08
Happy Holidays,
Leslie Pazan, Senior Marketing Communications Specialist
The holidays always seek up on me. I always forget that sometimes too steps forward and once step back. Evaluating the data when I do it, improves conversion rates drastically