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🎄 𝗛𝗼𝗹𝗶𝗱𝗮𝘆 𝗦𝗽𝗲𝗻𝗱𝗶𝗻𝗴 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝘀: 𝗔 𝗛𝗼-𝗛𝘂𝗺 𝗦𝗲𝗮𝘀𝗼𝗻? In her recent article for the Richmond Times-Dispatch, CEO and Chief Economist Dr. Chris Chmura makes sense of the holiday spending predictions. Expectations for consumer spending are more restrained than last year, despite positive economic signs like job growth and moderating inflation. Predictions from Deloitte and the National Retail Federation (NRF) both suggest a modest increase in holiday sales this year—projected to grow just slightly above inflation. • 𝗦𝗮𝗹𝗲𝘀 𝗚𝗿𝗼𝘄𝘁𝗵 - NRF forecasts a 2.5% to 3.5% rise, compared to last year’s 3.9%. • 𝗘-𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲 - Online sales are expected to outpace overall growth with a 7-9% increase as shoppers look for deals. • 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗔𝗵𝗲𝗮𝗱 - Rising consumer credit delinquencies, slowing employment growth, and high prices for essentials may limit discretionary spending. 🎅Even Santa-related job postings are down significantly this year, reflecting softer demand. The 2024 holiday season may feel more muted for retailers as spending growth slows—raising the stakes for strategic pricing and promotions. 🔗 Read the full article here:

Holiday sales are going to be strong this season – is your team ready to build relationships beyond the register? They should be. According to a recent National Retail Federation article, holiday spending in 2024 is expected to grow between 2.5% and 3.5% over the previous year. That’s not just an opportunity for sales, but for something possibly even better than sales in the long run: strong customer connections. Why? 1️⃣ Expect to see a lot of first-time visitors to your store, both online and brick & mortar. A first impression is a lasting impression that will set the tone for the future. 2️⃣ Focusing on making customer connections, rather than a one-time sale, means a higher LTV in the long run. 3️⃣ Today’s shoppers crave experiences more than a product. And 79% of consumers will avoid a brand after just one bad experience. So right now is the time for retail teams to go beyond just preparing for a busy season; it’s time to ensure your sales associates are equipped with clienteling best practices. Engage meaningfully. Offer personalized suggestions. Follow up. Care. Investing in training your sales teams to prioritize relationship-building can pay dividends not just this quarter, but in the months and years to come. #Retail #Clienteling #HolidayShopping #CustomerExperience #RetailStrategy https://lnkd.in/e9_WzKeJ

The National Retail Federation today forecast that winter holiday spending is expected to grow between 2.5% and 3.5% over 2023. That equates to between $979.5 billion and $989 billion in total holiday spending in November and December, compared with $955.6 billion during the same timeframe last year.  #holiday2024 #retailsales #nrf #consumerinsights

2024's holiday sales were a mixed bag - meeting some predictions and missing others. Is there a hint of normality finally on the horizon for retailers since 2020's lockdown? Learn more on Retail Dive's recent article: https://bit.ly/4hoocYc #IndustryNews #RetailTrends

“U.S. holiday sales are expected to grow as much as 3.5%, the slowest pace in six years, the National Retail Federation forecast on Tuesday, as shoppers turn more frugal and get picky with spending on non-essentials.” “Holiday sales are set to rise between $979.5 billion and $989 billion from November to December, the retail industry group (NRF) projected. That compared to 3.9% growth to $955.6 billion last year.” “NRF remains optimistic about the pace of economic activity and growth projected in the second half of the year, said NRF Chief Economist Jack Kleinhenz.” "”We expect consumers will continue to be more price conscious and pragmatic in their spending decisions, looking for discounts and better value for holiday goods, as still-high interest rates and lingering inflation in some categories continues to be on their minds," NRF CEO Matthew Shay said.” “Consumers are limiting their spending and opting for cheaper alternatives for categories ranging from groceries to apparel, forcing companies to lower prices and offer more discounts.” “Online and other non-store sales are expected to expand up to 9% to $297.9 billion, compared with $273.3 billion in 2023, as per the retail industry group's forecast.” “A shorter holiday season, with only 26 days between Thanksgiving and Christmas, has forced retailers including Walmart (WMT.N), Target (TGT.N), and Amazon (AMZN.O), as well as China's Shein and PDD Holdings' (PDD.O) Temu, to introduce early deals.” “Deloitte has also forecast 2024 holiday sales to grow at their slowest pace in six years due to cautious shopping.” - Anuja Mistry

Maximize Your Holiday Sales During A Recession ---------------------------- During an economic downturn when consumers tend to tighten their belts, it is a big challenge for retailers to increase their holiday sales. We must implement strategic profit-generating approaches to maximize holiday sales. 🔷 Optimize Pricing Across Diverse Income Brackets You should provide a wide range of products from budget-friendly to high-end products to cater to different spending capacities. As inflation is eroding disposable incomes, lower-priced products become more appealing for most shoppers, especially for those with cost concerns while seeking value. 🔷 Adopt A Consumer-Centric Mindset You can anticipate customers’ needs and wants by leveraging data insights and predictive analytics, even before they manifest. The holiday is a golden opportunity to delve into consumer shopping behaviors and understand their motivations to make buying decisions. 🔷 Implement Strategic Markdowns In case of excess inventory, consider a discount to beat other competitors. But if you do it excessively, it can lead to a race to the bottom and erode profits and brand value. Therefore, strategic markdowns that keep a balance between inventory clearance business profit and compelling value propositions are essential. 🔷 Embrace Goodwill and Social Responsibility Current customers want to buy from businesses with a commitment to corporate social responsibility and ethical practices, even in uncertain economic times. That’s why it is advisable to foster a sense of contributing to a greater good cultivating brand loyalty, and ultimately resonating with your target audience. ---------------------------- Next Cart - The best shopping cart migration tool 🔻 Whatsapp: +84 792255 978 🔻 24/7 support 🔻 next-cart.com

Target Breaks Holiday Sales Records, But Profit Lags Behind Target's holiday sales have surpassed expectations, driven by deals and promotional events. However, profits fell short. Read more to learn about Target's financial performance and future strategies. Target's recent announcement pleasantly surprised the market as it reported higher-than-expected holiday sales for its fourth quarter. Driven by an increasing number of consumers drawn in by deals and promotional events, Target managed to capture a larger share of the festive season's shopper enthusiasm. The iconic retailer's sales strategy appears to have hit the mark, leveraging the holiday spirit to boost retail activity. Despite the notable success in sales, Target's profits didn't match the soaring figures. The shortfall indicates a persistent challenge for retailers where aggressive promotions can trim profit margins. Analysts suggest this is partly due to increased operational costs coupled with discounted pricing, which can eat into earnings. Target's strategic offering of promotions aligns with modern consumer behavior trends, where bargain-hunting becomes a leisure pursuit. The psychology behind holiday shopping reveals that consumers are more likely to spend when they perceive they're getting more value. For Target, the success in footfall conversion to sales is a validation of this approach, possibly a learning curve for upcoming seasons. While the current fiscal reports have presented mixed results, the future presents opportunities and challenges alike for Target. Retail strategists recommend cautious optimism, guiding towards strategic recalibration focusing on profitability while maintaining the attraction of competitive promotions. For further insights into retail strategies and economic reports, consider reading these recommended articles: Experts predict that Target might lean towards a more balanced approach in upcoming quarters, strategically interspersing promotional activities with regular, profitable sales days. Keeping a close eye on consumer insight data could be key to optimizing for profitability. #CurrentTrendsInBusiness Source : CNBC

🎄The holiday season is a golden opportunity for brands and retailers to make a splash and boost sales. In 2024, U.S. holiday spending has grown and will make almost $ 1 trillion! This tendency is likely to continue in 2025, too. 📈To boost holiday sales volumes, brands go out with exclusive deals, limited-edition items, and special holiday-themed products. This approach is fine but not sufficient. 🛍Consumer buying behaviors and expectations are constantly changing. Retailer campaigns must match these shifts and develop strategies to connect with holiday shoppers. This tactic will not only boost sales but also strengthen customer loyalty during this key shopping season. ⚠You must know how people buy to get the most out of holiday periods. Many factors influence shoppers - from when they’re making purchases to how they prefer to pay and what they’re buying. No business will be left without good sales during the holiday. But do not leave your revenue to the chance when you can easily maximize it. Find the link in the comment section to learn what holiday shopping trends will dominate in 2025⬇

What can the 2024 holiday shopping trends reveal about the year to come? Retail Dive speaks with a few industry experts to discuss the ongoing #eCommerce boom, inflation, and other factors expected to impact customers in 2025.

Great article on slow Christmas Tree sales can be applied to most brand this year. Hint: 3 factors - inflation, post-Covid shift, and 5 less holiday shopping days. Sound familiar? https://lnkd.in/eGfsZxxn