68.9% of shoppers expect to switch spending from service to products
52% plan to trade up to better quality products.
50% expect to have more money to spend on holiday shopping because, due to Covid-19, they haven't been spending and/or have been saving it.
The sooner those customers have spent money earmarked for gift-giving, the less they will spend when it comes the traditional time to think about buying holiday gifts.
And that's the opportunity for all merchants to put out the Christmas merchandise now.
This isn't something new but it is something smaller retailers have resisted and I suggest they get on board. Especially with the coronavirus pandemic still raging around the planet.
After all, catalogues with reams of holiday items have been arriving at your mailbox since August. They know something...
No, I'm not saying those items have to be in your display windows or in your prime selling space.
Just like you don’t start playing 100% holiday music, you can put out more and more holiday items through November and into December.
There's a reason last year that Target and Walmart started their holiday layaway plans early - they know Millennials. That generation is closer to my grandparents with their thriftiness. They know how to make their money go a long way and budget it accordingly.
With Apple's new iPhone 12s expected to take a larger amount out of moms' and dads' holiday budgets, what will be left over for any store will be smaller.
Smart merchants look at customer behavior when merchandising their stores and making their holiday preparations, not their own preferences of only seeing merchandise in stores after Thanksgiving.
Established merchants put out holiday merchandise because they understand having it on the floor beats having it in a distribution center or stockroom.
Whatever sells is a bonus.
With many merchants having less staff due to Covid, it can take longer to get the merchandise out onto the floor.
And let's face it, Halloween doesn't have the breadth of merchandise across all categories like Christmas does.
So, if you are a retailer, find a way to get your seasonal items out there before a competitor steals your customer and gets them to open their wallet now - leaving you with lower retail holiday sales.
If you're not a retailer and feel incensed at the realities of holiday retailing, please avoid commenting how awful it is for you. This blog is for merchants, not customers.
To really make the most of your holiday merchandise, I suggest you start using SalesRX my online retail sales training program to increase conversions and profits. You can register for a free trial below.
You might also find value in these popular posts about How Retailers are Preparing for the Holidays:
The 5 Shifts Brick-and-Mortar Retailers Are Making to Generate Up to 20% Higher Profits Every Month
Are you a hungry brick-and-mortar store owner who’s ready for a fresh, people-obsessed strategy? This training is for you if you want to grow your business using a powerful customer experience formula proven to make your cash register chirp.