Brand Keys Holiday Spend Survey: Retailers Must Prepare Early
Results of the annual Brand Keys Holiday Spend Survey found a robust stock market and high levels of consumer confidence merged to double this year’s increase in anticipated holiday spend. According to 11,625 shoppers, retailers can expect a 4 percent increase in their holiday sales this year, working out to an average spend of $936 per household.
The bigger news is the shift in the consumer holiday shopping paradigm. Consumers are making decisions and planning to shop even earlier than previous years. Last year, 41 percent of consumers reported shopping before Black Friday. This year that number has increased significantly, to more than half of consumers (51 percent) reporting they had already shopped or intended to do so before Black Friday. Welcome to “Black November.” Retailers that want to capitalize upon these shifts will have to learn to better engage consumers and use their brands as the added-value consumers seek.