Nearly one-third of retail executives are implementing strategies to deplete their stockpiles, according to research
Holiday Shopping Trends for 2022: A Focus on Value, Convenience, and Early Planning
As the holiday season approaches, retail trends for 2022 are revealing a shift towards online shopping, value-driven purchases, and early planning, all in response to economic pressures and consumer preferences.
Online Shopping on the Rise
Online shopping continues to be the top destination for holiday shopping, with 57% of all adults and 59% of younger shoppers (18-24) choosing this channel [1]. This trend reflects the growing preference for convenience and the ease of online shopping.
Value-Driven Purchases
With economic concerns such as inflation and tariffs, consumers are becoming increasingly price-conscious. In fact, 72% of shoppers are expressing worries over rising costs, prompting many to seek bargains and discounts [3]. Discounts vary by product category, with toys seeing the highest average discount (12.3%), followed by televisions (7.2%) and electronics (5.3%) [1].
Early Holiday Shopping and Sales Events
Early holiday shopping is encouraged by widespread participation in sales events such as Black Friday, which remains a dominant shopping day with over half of American shoppers planning to buy presents then [4]. The rise of AI-curated gift guides and digital shopping experiences is also reshaping holiday shopping behaviors, facilitating earlier and more informed purchases [2].
BOPIS and Omnichannel Shopping
Though BOPIS (Buy Online Pickup In Store) is not directly cited in the 2022-specific data, growing online shopping rates and the emphasis on flexible fulfillment methods in recent years imply that BOPIS and similar omnichannel options continue to gain traction, meeting consumer preferences for convenience [1][2].
Retail Sales and Discounts
Retail sales have risen alongside inflation, with retailers offering discounts further in advance of Black Friday and Cyber Monday to attract customers [5]. Adobe predicts that retailers will begin offering markdowns in October, some as high as 15% off [6].
Consumer Behaviour
A Gartner survey found that 65% of holiday shoppers are basing their decisions on price, followed by value (53%) and free shipping (51%) [7]. Consumers are seeking discounts and shopping earlier to stretch their budgets further.
Retailer Strategies
Retailers are paying close attention to data and analytics to identify areas that require increased marketing efforts, as well as targeted and highly customized offers to different customer segments without eating into profits [8]. Additionally, 98% of retailers have implemented availability guarantees as part of their holiday plans [9].
In-Store Pickups and Discounts on Excess Inventory
A fifth of consumers have noticed retailers trying to lure them into the store to pick up their purchases [10]. Furthermore, 35% of retailers are deeply discounting or taking other measures to get rid of excess inventory [11].
In conclusion, the 2022 holiday shopping season is shaping up to be a value-driven, early planning, and convenience-focused experience. Retailers are adapting to these trends by offering discounts, implementing availability guarantees, and focusing on data-driven marketing strategies.
- AI-curated gift guides and digital shopping experiences are reshaping holiday shopping behaviors, encouraging earlier and more informed online purchases.
- With economic concerns such as inflation and tariffs, consumers are becoming increasingly price-conscious, seeking bargains and discounts in toy, television, and electronic shopping categories.
- Retailers are starting to offer markdowns as early as October, hoping to attract customers with discounts and better align with the trend of early holiday shopping.
- The convenience of BOPIS (Buy Online Pickup In Store) and omnichannel shopping options continues to be a preferred method due to the emphasis on flexibility in fulfillment.
- In the entertainment industry, consumers are seeking out general-news sources for insights on holiday shopping trends, technology advancements, and related financial matters.
- To remain competitive, retailers are paying close attention to data and analytics to tailor marketing efforts, offers, and promotions to specific customer segments without compromising profits.
