The winter holidays are right around the corner, and this year, 92 percent of Americans will celebrate at least one. Guess how much they’ll spend? An average of $902 each! That’s up $27 from last year and a new holiday spending record. This is, of course, great news for marketers.
Holiday shopping can make a big difference to your bottom line. Consumers are primed to spend this time of year. In fact, many have been budgeting for it since last holiday season. We’re here to help marketers like you ensure you have the strategies in place to capture holiday shoppers’ attention and convert it into sales.
We’ve compiled a comprehensive infographic with all the latest stats, tips, and tricks, to make your holiday marketing holly, jolly, and informed. It’s the most wonderful time of the year — for marketing that is!
Holiday Spending Started Early
This year, there are only 27 days between Thanksgiving and Christmas. The shorter shopping window inspired shoppers to start checking their lists once and even twice earlier in the season. The number of holiday shoppers starting their buying before November has grown 10 percent in the last decade. This year, 45 percent of shoppers planned to start their holiday spending before November. And 47 percent say they planned to start their holiday shopping earlier than usual.
Most early shoppers (59 percent) like to get a head start to spread out their holiday budget. 45 percent want to avoid the stress of last-minute shopping. (Something my dad seems to thrive on as he does all of his shopping on Christmas Eve…) 42 percent say they shop early to avoid crowds. And another 42 percent just can’t pass up on all the early deals.
If you didn’t start your holiday campaigns before November, don’t despair. Most consumers (62 percent) still plan to finish their shopping in December, so there’s still time to capture those holiday hearts and minds — and sales!
Gifts for the Family Take Top Spending
Of the $902 each holiday shopper will spend on average this year, $641 will be spent on gifts for family, friends, and coworkers. The remaining $261 will go to seasonal food, decorations, candy, greeting cards, and other holiday-related purchases.
The most common gifts on consumers’ wish lists this year are gift cards, with 53 percent of shoppers requesting them. Clothing and accessories come in at a close second with 49 percent. Books and media make up 28 percent of requested gifts in 2024. And personal care and beauty items make up another 25 percent of wish list requests.
But shoppers aren’t relying entirely on loved ones to fulfill their wish lists. A majority of holiday shoppers — 83 percent — plan to get a little something for themselves this season. Don’t forget about self-gifting when planning your winter holiday marketing campaigns. Gift givers deserve to treat themselves too!
Deals Drive Holiday Spending
Three in four holiday shoppers say deals, sales, and promotions are the most important factor to them when making purchase decisions. Inflation affects shoppers year-round, but it can hit especially hard around the holidays. For many consumers, the winter holiday period marks their highest spending of the year. 70 percent of holiday shoppers are bracing for higher prices this season, and they’re budgeting accordingly.
2024 winter holiday shoppers want high-quality products for affordable prices. 76 percent of shoppers prioritize lower prices over brand loyalty. And 62 percent said they’d be willing to purchase something from a different brand if their preferred brand was too expensive this holiday season.
Remember, holiday spending is a value-based market. Your consumers may love your brand the other ten months of the year, but if they find a better deal at your competitor brand, they just might pounce on it. Lead with value and deals.
Online is the Top Sales Channel this Holiday Season
While we always encourage an omnichannel marketing strategy, it’s important to know where most shoppers will be making their purchases so you can focus your efforts. 57 percent of holiday spenders plan to make purchases online this year. Department stores and grocery stores tie for the second most popular holiday shopping destination at 46 percent each. Discount stores take third, with 45 percent.
This is great news for those of you hoping to run influencer marketing campaigns for the holidays. We highly advise that you do! Not only will shoppers be making purchases online this year, they’ll be looking online for inspiration. (More on that in a moment.) In fact, 71 percent of online shoppers make purchase decisions based on social media reviews. Get those social campaigns up and running and start decking your virtual halls with sales!
Holiday Shoppers are Inspired on Socials
Social media is the most popular place for shoppers to find holiday inspiration. A whopping 89 percent of holiday shoppers find their purchase inspo on social media. And get this — the second most influential place to get inspiration is tied between recommendations from friends and family and influencer recommendations (both at 47 percent). That’s right! You know how we’ve been telling you influencer marketing works because word-of-mouth marketing is so powerful? The proof is in the holiday pudding!
The number of shoppers turning to social media specifically for holiday gift inspiration has increased 42 percent year over year. That number is even higher among Gen Z, with 57 percent more of them turning to socials specifically for gift inspiration this year.
Gen Z aren’t the only ones looking for a little social buzz to find the perfect gift. 40 percent of all consumers are more likely to purchase a product that has a positive social buzz. And that figure skyrockets to 70 percent of millennials and 78 percent of Gen Z. Social media moves the needle on holiday shopping. From inspo to purchase, your influencer marketing campaigns have the potential to make a huge difference for your brand.
Gen Z Plans to Holiday Shop on Socials
Speaking of Gen Z, let’s dig a little deeper into how Gen Zers holiday shop. Like we mentioned above, social media is key to their paths to purchase. A healthy 85 percent of them say social media is the most relevant channel for ads to reach them. So if you’re targeting young adults this holiday season, we recommend the influencer marketing route.
Most of Gen Z is budget-conscious when holiday shopping. Nearly seven in ten find searches like “gifts under $50” most helpful when online shopping. However, the young shoppers are split when it comes to cutting back and increasing their budgets. 35 percent intend to cut back on their holiday spending from last year. Meanwhile, 38 percent plan to increase their budgets.
No matter how much they’re spending, most of it will come from online. It will come as little surprise that 58 percent of Gen Z plan to holiday shop directly from their smartphones. And 20 percent will make holiday purchases on social media.
Check Out Even More 2024 Winter Holiday Stats
Like these 2024 winter holiday marketing insights? Well, there’s more where that came from. We created an infographic chock full of all the juicy winter holiday stats you need to know to make the most of your marketing campaigns. We’ve even included nine last minute holiday marketing ideas so you can whip up delicious campaigns as easy as holiday cookies.
If you’d like help crafting your campaigns beyond the info provided in this infographic, never fear. Influencer marketing is always on our wishlist at The Shelf. We’d be happy to make all of your winter holiday dreams come true. Schedule a strategy call with one of our experts and we’ll get started on some marketing magic together.
Without further ado, we present The Winter 2024 Guide to Holiday Marketing.
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