How consumer behavior changes during the holiday season | So Good News
The festive season brings economic activity for businesses. Customers compete for the best gifts, while companies compete to sell the best products at the moment. The holiday season is the busiest and most rewarding time of the year. This is the season when companies and brands start planning their holiday marketing strategies because the season brings with it the time to buy the most anticipated holiday products. Additionally, businesses must adapt to changing customer preferences in order to maximize holiday sales.
Here are the shopping trends to look out for this holiday season!
According to psychologists, impulse buying is related to the need for self-control and self-esteem. Research has shown that when we get a big price, we feel more accomplished. The holiday season is when people like to be happy. Spending more money on things that make people happy, like buying new things, is more expensive. People tend to spend more money and buy more things when they are on holiday because, according to psychologists, it boosts their self-esteem.
Products and Offers
Many shoppers at Festive place a higher value on a better price than another brand. The holiday season is when shoppers eagerly await the biggest discounts. People also look for other attractive offers, such as free gifts, free shipping, or free gift packs, so it’s not just about reducing prices. People calculate a lot of money because of this, and choose the one that seems to be the most profitable.
Wanting a Gift
Every holiday is a reason to be with your loved ones and have fun. It’s all about gift shopping throughout the holiday season, especially during the months of October through December. People buy gifts for their family and friends, which makes them happy. As a result, gift items are on sale at this time of year.
FOMO – Fear of Missing (The) Contribution
Online food and other advertising platforms have many promotions and offers throughout the Christmas season. Additionally, because people have a tendency to take advantage of situations, these promotions and discounts encourage consumers to buy more. This makes people afraid of missing out because no one wants to miss out on the chance to buy their favorite products at a very low price.
People’s early Christmas preparations may be based on what happened last year when the covid-19 pandemic made it difficult to shop during the holiday season. They want to prepare for any problems that may arise because they are eager to visit their friends and family again this year.
Support for Small and Medium Enterprises
The pandemic has also changed consumer attitudes and behavior by increasing people’s awareness of where they shop. When it comes to sustainability, consumers are becoming more climate conscious every day and are more likely to choose sustainable brands over non-sustainable ones.
The Effects of Epidemics on Consumer Behavior
Diwali 2019 was followed by shutdowns and regular changes in consumer behavior. A slight rebound was seen around Diwali 2020, but the second wave also ended the market’s ambitions. Customers can enjoy themselves without the guilt of over-purchasing after being tempted by the repeated beatings of their wallets.
While some people tried to continue the centuries-old Diwali tradition, others were worried. Due to reduced travel, these people celebrated a silent Diwali 2020 with videos from their homes lit with diyas, away from their loved ones, and with food delivery services from food delivery apps that are taking the place of Halwas.
The Way Forward
In 2022, now that things have improved, customers may return to their pre-covid behaviors and continue to engage in post-covid activities.
35% of consumers are expected to increase their spending on Diwali in 2022. This is probably due to the difficulties faced by consumers during the pandemic. According to a Meta report, more than 90% of Indian holiday shoppers are likely to try a new brand this season. The important thing to note here is that 8 out of 10 of these consumers are finding new information online. Therefore, a future proofing process is essential for your upcoming sales.
The views expressed above are those of the author.
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