A new survey from Basis Technologies found that 54% of holiday shoppers don’t view Black Friday and Cyber Monday as essential for their needs. Additionally, among this audience, 65% say they will shop early to avoid shipping delays and 62% want to get their holiday shopping done as fast as possible.
Yet, 82% of respondents say time with people they love is the best gift – a 2% increase from last year’s responses. Basis Technologies’ biannual holiday shopping study was conducted with audience research firm GWI and completed in May using responses from more than 2000 U.S. consumers ages 16-99.
Below are some of the main highlights from the report.
Advertisements Significantly Influence Purchases
In 2024, the report found that social media and online ads will play a crucial role in influencing holiday gift purchases, particularly for Gen Z and Millennials. Traditional TV and CTV also have notable influence, especially for Millennials and Gen X, which influence gift buying 10-12% more than the average U.S. consumer. While these ads have influence, only 10% of shoppers plan to purchase gifts directly through ads.
Brands should focus on social media, including influencer marketing and online advertising to effectively reach Gen Z and Millennials, leveraging their high engagement with these platforms, according to the report. Additionally, incorporating traditional TV and CTV ads can capture the attention of Millennials and Gen X, ensuring a comprehensive advertising strategy that addresses the preferences of different generations.
Economic Factors Impacting Holiday Shopping
Anticipated increases in holiday spending for 2024 are largely attributed to inflation driving up prices (64%), followed by a greater number of recipients and the desire to purchase more expensive gifts (23% and 21% respectively), according to the report. Conversely, those expecting to spend less cite concerns about the economy (44%), uncertainty about the future and election results (42%), and competing expenses (40%) as primary reasons for budget reduction.
Brands must realize there are a multitude of reasons changing consumer spending. Strategies should focus on offering value, reassurance and solutions to alleviate economic concerns, while highlighting the affordability and quality of their products amidst shifting consumer priorities, the report cites.
Customers Prefer Omnichannel Shopping
Holiday shopping methods in 2024 showcase a significant shift towards online platforms, with the majority of shoppers opting for a
combination of online and in-person purchases, according to the report. While Gen Z and Millennials lead in online shopping, Gen X and Baby Boomers still maintain a preference for traditional in-person shopping experiences, though to varying degrees.
Brands need to maintain a strong online presence while also catering to the preferences of different generations in order to compete this holiday shopping season. This includes optimizing websites for both computers and mobile devices and investing in user-friendly mobile apps to capture the attention of online shoppers, the report cites.
Additionally, brands should consider targeted marketing strategies to appeal to the specific shopping behaviors and preferences of each generation, ensuring a comprehensive approach to holiday advertising and brand engagement.
“The holiday shopping cycle is poised to start earlier than what’s been normal for marketers, but the important factor is that there will be numerous opportunities to reach customers on different channels—many of them digital—and during different promotion periods,” said Kristin Shamberg, SVP of Research and Insights, Basis Technologies, in a news release. “Economic conditions, speed and convenience, and consumer values may have the most influence on holiday buying. Marketers will be tasked to blend and balance these factors together into cohesive campaigns that engage their customers.”
