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8 keys to being competitive this holiday season
PricewaterhouseCoopers U.S. said it expects holiday spending to decrease by 7 percent this year but offered retailers a number of strategies to drive sales and remain competitive this November and December.
New York--Shoppers will be cautious this holiday season, with average spending per household expected to decline from $735 in 2013 to $684 in 2014, according to a recent survey by PricewaterhouseCoopers U.S.
Findings for the company’s “2014 Holiday Outlook: Top trends, consumer behaviors and implications for retailers” were based on a survey of more than 2,200 shoppers nationwide.
The 7 percent decline in consumer spending that the company is predicting this year--based on concerns about disposable income, the rising cost of living and insufficient salaries--contrasts with the other holiday estimates already released for 2014.
The National Retail Federation, for example, just said it expects consumers to spend 4 percent more this November and December than they did last year.
Deloitte’s retail and distribution practice also said late last month that it is predicting sales to increase between 4 and 4.5 percent over last year, climbing to between $981 and $986 billion.
To effectively compete during the holiday season this year, PricewaterhouseCoopers created a list of eight strategies that retailers should implement to meet the increasing demands for today’s consumer.
1. “Shout out” the holiday banner promise, the company said, to make sure the consumers know what role the store can play in their overall shopping experience. Repeatedly changing marketing and merchandising strategies confuses shoppers.
2. Invest in the in-store experience to set the store apart from other retailers. Shoppers are looking for easy in-store navigation, knowledgeable associates, merchandising innovation and in-stock visibility.
3. The omnichannel shopping experience should at least be comparable to what’s currently being seen in the market now.
4. Deals are critical for driving traffic into the store.
5. Ensure that marketing and merchandising personalizes all shopper communications. “More is not better. Personal relevance is,” the company said.
6. Whenever possible, give increased attention to the most loyal shoppers.
7. Cyber security should be a high priority to ensure that shoppers’ confidential information is protected. “Shoppers will not tolerate another season of privacy invasion,” PWC said.
8. Create a winning strategy for the holiday season, and align the entire organization around that.
PricewaterhouseCoopers also found a number of trends that will begin taking shape this holiday season.
One of these trends includes economic conditions in the United States splitting consumers into two distinct categories--“survivalists,” those that make less than $50,000 per year, and “selectionists,” who make more than $50,000.
Representing 67 percent of
American shoppers, survivalists are constrained by the daily cost of living and “apply the lens of affordability to all purchases.” The average household holiday spend for this group is $377.
Selectionists, meanwhile, represent the remaining 33 percent that make careful decision based on their disposable incomes. The average household holiday spend for this category is $978.
PricewaterhouseCoopers stressed the importance of retailers catering to both of these segments.
The full list of trends can be found on PWC.com.
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