As the holiday shopping season continues to rumble on, not only is it looking rather bright but it has been shaping up as a season like never before. To make your mark this season, your company, and your marketing, must be ready to pivot at a moments notice. So seems to say McKinsey and Company in their latest research into how this holiday season is shaping up. The following comes directly from their latest published research:
McKinsey & Co. surveyed over 3,500 shoppers in the United States, the United Kingdom, China, Germany, and France for its 2020 Holiday Season report. The research is a snapshot of some surprising shifts in consumer behavior that highlights the importance of adaptability and versatility.
According to the report, businesses need to respond to post-pandemic related challenges by fast-tracking digital transformation, understanding the needs of the new retail consumer, protecting customer loyalty, and leveraging the power of top shopping days.
More than 60 percent of global consumers have changed their shopping behavior this year. 37 percent of the interviewees plan to increase their online shopping this year, as compared to 2019. But omnichannel strategies are still very important during the holiday season. Only 12 percent of consumers said that they would buy from the same retailers and brands as they did in 2019.
- Consumer disloyalty is also trending upward. According to McKinsey’s research, 40 percent of consumers have tested new brands and stores during the pandemic, leaving their usually preferred brands under immense pressure. Only 12 percent of the consumers said they would buy from the same retailers and brands as they did in 2019.
- Considering that 31 percent of customers intend to utilize social media for holiday research, maximizing content marketing and boosting social media presence are valid marketing strategies for this holiday season. Additionally, for this year’s holiday shopping events, 82 percent of respondents plan to spend the same amount or more than in 2019.
-Written by Kevin Sawyer