Black Friday "month," Cyber Week, Giving Tuesday, Small Business Saturday. There are more deals during the holiday season than there are elves on the shelves. This past weekend is one of those moments that all retailers and marketers were watching–and it did not disappoint. While there has been debate about Black Friday's relevancy, shoppers spent $5B in 24 hours on Friday. In-store traffic during this timeframe dipped slightly but 2017 online sales rose 17% vs. 2016.
It is certainly an online Christmas for many. It's a place where shoppers can now find deals every day and conveniences like free shipping at their fingertips. With so many deals, how are so many shoppers still overspending and going in debt over the holidays? Nearly a quarter of Millennials have still not paid off debt from 2016 compared to 16% of Gen Xers and 8% of Boomers.
It might be all the eggnog and tinsel, but shoppers seem to give into their irrational desires when it comes to the holidays. In fact, 27% of shoppers say they do not make a budget for holiday shopping. On one hand you could see this as an act that leaves them vulnerable to overspending and impulse. But on the other hand, you can see it as a conscious embrace of the holiday spirit and festive treasure hunt for the best gifts regardless of price.
So when it comes to appealing to shoppers during the holidays, it could be worthwhile to opt to focus on the higher order benefits of the gifts rather than the savings.
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