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2024 Holiday Shopping Trends: Key Expectations and Consumer Behavior
Due to a later start and fewer days in the key holiday shopping period compared to 2023, consumers are expected to begin their holiday purchases earlier. This shift, a crucial factor in developing holiday shopping trends and strategies for 2024, is driven by shoppers’ desire to avoid potential shipping delays in December.
Recommended Holiday Retail Strategies for 2024
- Adapt to the condensed buying timeframe by clearly communicating shipping cut-offs and delivery time estimates both on your website and through affiliate/creator partner messaging
- Attract early shoppers with compelling offers and exclusive discounts comparable to Cyber deals
Source: Depositphotos
Impact of the US Presidential Election on 2024 Holiday Sales
Historical data from Epsilon shows that election years (2016 and 2020) experienced a 6% drop in year-over-year consumer sales during election week. However, overall holiday e-commerce growth typically remains unaffected.
Strategies for Navigating the 2024 Election Period in Holiday Marketing
- Cut through political ad noise by collaborating with affiliate and influencer partners to promote refreshing content about your brand. Focus on positive messaging related to healthy living, value, and sustainability
- Prepare strong post-election promotions for affiliate and influencer partners to capitalize on the expected uptick in holiday shopping
Addressing Consumer Value Consciousness
Despite improving consumer sentiment, holiday shoppers will continue to be budget-conscious, seeking discounts, low-cost alternatives, and innovative ways to save.
Source: Acceleration Partners
Value-Focused Strategies
- Ensure your pricing and promotional strategy is competitive, particularly if targeting Millennials and older generations.
- In Q3, launch and optimize partnerships with Card-Linked Offer, Loyalty/Rewards, and Buy Now, Pay Later (BNPL) services to offer shoppers a balance of convenience and value.
Looking Ahead: Preparing for 2024 Holiday E-commerce Trends
Salesforce has released their 2024 Holiday Predictions, highlighting economic factors that may significantly impact global performance during the holiday season. Retailers and marketers should stay informed about these predictions to fine-tune their strategies as the holiday season approaches.
Source: Acceleration Partners
By implementing these strategies and staying attuned to shifting consumer behaviors, businesses can position themselves for success in the 2024 holiday shopping season.
