As the holiday season approaches and we enter a new stretch of the COVID-19 pandemic, businesses must find ways to adapt to changing shopping practices.
Cratejoy, a subscription box business based out of Austin, Texas, and a third party recently conducted a survey to determine how the pandemic is affecting the way Americans shop this holiday season. After gathering information from more than 12,000 participants, they have come to some enlightening conclusions that business-owners would be wise to take into consideration.
Whereas holiday shopping usually reaches its peak after Thanksgiving, most survey participants began their shopping in October this year. According to the survey’s findings, “over 50 percent of survey respondents have already started holiday shopping,” as of October 5.
Additionally, people are putting more thought into their purchases in an effort to “give gifts that show how well they know their loved ones and how much they care.” Gifts that can be used and enjoyed at home, such as games, crafts, books, and cooking supplies are especially popular this year, since people are spending more time in their own homes. Gifts that help people learn new hobbies are also in high demand.
Many companies are adjusting in an effort to accommodate new shopping practices. For instance, Amazon Prime Day, typically held in July, took place on October 13-14. Starting last month, Target reduced prices to the lowest they have been all year.
Here’s how business owners can capitalize on changing shopping patterns in a most unusual year:
- Prepare for holiday shopping to begin earlier than usual
- Promote flash sales and one-time buys
- Promote gifts that can help people enjoy crafts, hobbies, games, cooking, and similar home-based activities
While searching for the perfect gifts this holiday season, make sure to look at our 2020 Gift Guide for some great inspiration!