Holiday 2010 Shopping Trends: Surgical, Social and Sumptuous
Measure your social media investments using the key performance indicators of retail — sales, orders, conversions and the number of visitors that engaged with your social marketing efforts and then became customers. Don’t rely solely on social media metrics such as your number of "fans" or "likes."
Luxury Makes a Comeback
Even as consumers are turning to their favorite social sites for deals, they're also leaning more toward spending on luxury items. High-end retailers are seeing an increase in sales over the holiday season vs. last year. Overall, sales are up 13.4 percent. The jewelry market alone has seen a huge jump from 2009, with a 103 percent increase in sales.
Due to the economic climate, marketers who are looking to move expensive goods shouldn’t shy away from promoting inventory. Consumers are ready to treat themselves and their loved ones for the holidays. Just make sure to drive customer engagement and conversions through relevant product recommendations and personalized emails.
Retail sales are improving this holiday season as consumers are opening up their wallets for a variety of items. While some are ready and willing to splurge on luxury items, others are more bargain-savvy, opting instead to look for deals online before making a purchase. Regardless of how consumers go about deciding where and how to spend, it's clear that this gift-giving season is going to be a fruitful one for consumers and retailers alike.