According to the new survey from Revionics, an Aptos Company, consumers are shopping smarter this holiday season and retailers must price accordingly to maximize sales
Revionics LLC, an Aptos Company, a provider of retail pricing, promotions, markdowns and advanced analytics solutions, today announced findings of its “Holiday Report: 2020 Pricing and Shopping Trends” based on a survey of 1,041 U.S. consumers. The survey illuminates holiday consumer behaviors and pricing trends to help retailers prepare their pricing, promotion and markdown strategies for a successful season.
According to the survey, 70% of respondents will actively seek promotions and coupons when holiday shopping, and 45% said that discounts will be one of the most important factors in deciding where to shop. To meet these consumer expectations and drive sales, retailers must offer the right promo mix and strengthen their pricing strategy this holiday season.
Make the holidays as usual as possible
After an unprecedented year of pandemic and economic uncertainty, consumers are largely anticipating and desiring a sense of normalcy this holiday season. The survey found that 56% of respondents plan to spend the same amount of money holiday shopping this year as last, despite 29% of respondents saying their personal finances have decreased since the beginning of COVID-19.
Over half of consumers said that compared to last year, they would spend the same amount of time looking for better deals, the same amount of money on their Thanksgiving meals, and the same amount of money holiday shopping online versus in person.
“We’re glad to find that despite the many setbacks and unpredictable sales trends for retailers this year, the holidays are looking hopeful as consumers strive for festivities not all that different from the past,” said Steve Leven, COO, Revionics, an Aptos Company. “Consumers aren’t going to let the pandemic affect their typical holiday experience, and retailers have a big opportunity to make this possible by meeting their expectations.”
Price smarter and start promos earlier
With more time and less money, consumers are shopping smarter and earlier for the holidays by looking for the best prices, expecting more promotions and extending the shopping season.
77% of survey respondents said pricing was a top consideration when choosing where to do their holiday shopping.
74% of respondents say they plan to compare prices while shopping online, and 69% plan to compare prices while shopping in person.
45% of consumers have more free time to shop this year, and 35% say they will use that extra time look for better deals and discounts.
46% of shoppers plan to start their holiday shopping before the weekend of Black Friday and Cyber Monday.
“Pricing will be key this holiday season as consumers search for the best prices during this extended holiday season,” said Leven. “To stay ahead of competitors and drive sales, retailers will need to determine the most effective promotional strategy across every channel, both online and in store. They must also start promotions and markdowns now while demand is up, keeping up with