Nearly 80% of consumers are prepared to make smaller purchases that give them “everyday satisfaction.” This is almost a 20% increase compared to last year. 63% of customers will choose products that aid wellbeing.
This is according to a Shopify study commissioned by Sapio Research in Australia, Canada, France, Germany, the UK, and the US. It comprised 12,000 customers and nearly 5,000 businesses to establish what customers are looking for this festive shopping season.
Spending on experiences is at the top of customers’ lists this festive season. “Sixty-two percent said experiences will be a focus for their holiday spending. This number is especially high for people between 25 and 34,” the statement reads.
Out with the pricey gifts
If you plan to capture the big spenders, it’s important to ensure items are not too pricey. “Any customization retailers can offer (things like custom engraving, embroidery, colors, or design on products) will make smaller purchases more appealing,” suggests Shopify.
“Offering a variety of products across various price points is also a good way to attract shoppers who are looking for those smaller, meaningful purchases,” it adds.
Bargain hunting
According to the survey, bargain hunting is trendy this year. 72% of consumers say they’re more likely to shop during Black Friday and Cyber Monday to get their money to go further.
“That’s extra important right now, given inflation and cost-of-living increases worldwide,” says Shopify.
84% of the customers surveyed say they will compare prices to find the best deals and discounts.
However, assessing what is best for your business’ messaging is vital. “Huge sales aren’t for everyone, and bargain pricing won’t fit with every business’s ethos or bottom line.
But all eyes are on retailers during the Black Friday and Cyber Monday weekend, so it’s essential to take advantage of shoppers ready to hit purchase,” recommends Shopify.
It also suggests product bundling and gift subscriptions are two ways to offer discounts while increasing overall sales.
Social shopping
More people are turning to social media as a preferred platform to buy products online. Among the customers surveyed, 33% say they would likely shop directly from Instagram.
On Facebook, 31% of customers are keen to open their wallets, while 28% are on TikTok.
Many businesses are preparing for this social shopping trend that is on the rise. Nearly a third of the recipients think social media platforms will account for the highest sales volume for businesses by 2030.
“Customers want an easy, intuitive shopping experience, and increasingly, they want it right in the middle of their scrolling session with social commerce,” says Shopify.
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
