Tactics to Reach Last-Minute Shoppers
Despite the fact that Black Friday, Cyber Monday and Green Monday are behind us, the holiday shopping season isn't over yet for the millions of Americans known as "last-minute" shoppers. This group represents an opportunity for retailers to drive incremental lift this holiday season, according to an Acxiom report titled, Generate More Jingle This Holiday Season With Last-Minute Shoppers.
Using 2009 as an indicator, last-minute shoppers planned to spend an average of $384 on gifts ($288 of that on gifts for family), according to the report. Thirty-eight percent of respondents also planned to take advantage of sales or discounts to spend an average of another $171 on nongift purchases for themselves or family.
To make the most of last-minute shoppers, retailers should understand that they're more diverse than the typical stereotype of the last-minute male shopper who runs from store to store trying to find gifts for his significant other, the report says.
Power Shoppers and Panic Shoppers
Two types of last-minute shoppers were identified in Acxiom's report: power shoppers and panic shoppers.
Power shoppers, the report points out, usually start shopping in early to mid-December as a result of “planned procrastination." Many of these shoppers don't have the money until later in the year (when bonuses kick in, for example) or try to avoid shopping in the busy period around Thanksgiving.
Regardless of their motivations, power shoppers must actively shop over a shorter period of time, the report says. But starting early in December still allows for somewhat more planning and strategy to their shopping process than the next group, panic shoppers.
Panic shoppers start their shopping in mid to late-December knowing full well that they’re up against the clock, the report finds. Regardless of their motivation for putting themselves in that position, they work with even fewer options and have less time than power shoppers.