Althought we're still in July, brands are already gearing up for one of the most critical sales periods of the year. In preparation, Salsify has released its 2024 Holiday Consumer Research Report, offering valuable insights into consumer behaviour and shopping trends. Let's dive into the key takeaways that can shape your holiday marketing strategy.

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Spending Patterns Remain Steady

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The good news for retailers is that 65% of shoppers plan to spend about the same amount on holiday gifts as they did last year. This stability in spending intentions suggests a relatively predictable market for the upcoming season. However, there are some generational differences to note:

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- Gen Z (22%) and Millennials (17%) are more likely to increase their holiday spending compared to other generations

- 26% of Gen Z and 21% of baby boomers plan to reduce their holiday expenditure

Understanding Holiday Shopper Styles

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The report identifies six distinct shopper types, each with unique characteristics and values:

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1. The Bargain Hunter: Prioritises savings, discounts and value

2. The Research Maven: Focuses on product quality and thorough research

3. The Brand Loyalist: Values brand trust, identity and product quality

4. The Impulse Buyer: Seeks instant gratification and novelty

5. The Luxury Lover: Prioritises prestige and exclusivity

6. The Swayable Shopper: Considers product features, variety and peer opinions

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Understanding these shopper types can help brands tailor their marketing strategies and product offerings to meet diverse consumer needs.

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Self-Gifting: A Growing Trend

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An interesting trend emerges in self-gifting behaviour:

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- 61% of shoppers buy something for themselves while holiday shopping

- Millennials (73%) and Gen Z (68%) are the most likely to engage in self-gifting

- Baby boomers are the only group where the majority (53%) typically don't buy for themselves during holiday shopping

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This trend presents an opportunity for brands to offer promotions that encourage self-purchases alongside gift-buying.

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Early Birds Get the Worms

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Holiday shopping starts earlier than you might think:

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- 27% of shoppers begin buying holiday gifts as early as October

- 7% of shoppers view holiday gift-buying as a year-round activity

- Gen X (30%) and baby boomers (24%) are more likely to start in October

- Millennials and Gen Z tend to begin their shopping in November

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These varied timelines highlight the importance of having holiday marketing strategies in place well before the traditional shopping season begins.

Black Friday and Cyber Monday Still Reign Supreme

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Despite changing shopping habits, major shopping events remain popular:

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- 62% of shoppers plan to participate in Black Friday

- 45% intend to shop on Cyber Monday

- Gen Z shows the highest enthusiasm for these events, with 75% planning to shop on Black Friday and 53% on Cyber Monday

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Top Gift Categories

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The most popular product categories for holiday gifts include:

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1. Fashion and apparel (57%)

2. Personal care and beauty (53%)

3. Electronics (49%)

4. Food and beverage (44%)

5. Alcohol (37%)

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Omnichannel Gift Discovery

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Shoppers use a mix of online and offline channels to find gift inspiration, reflecting the importance of an omnichannel approach to holiday marketing.

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The 2024 holiday shopping season promises to be a blend of tradition and evolving consumer behaviour. Brands that start planning early, optimise their digital presence, and provide engaging product content across all channels will be best positioned to meet the diverse demands of holiday shoppers. By understanding these trends and shopper types, you can craft a holiday strategy that resonates with your target audience and drives sales during this crucial period.

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Read the full report here.

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