Holiday Season Brings Increased Consumer Attention and Spending
Updated: Jan 14, 2021
As most of you know by now, Black Friday, Cyber Monday and the holiday season are almost here. Not only are these times filled with happiness for families and friends, but for businesses, marketers, and the entire economy as a whole. Last year, consumers sent holiday retail sales up 5.1 percent to more than $850 billion between November and December, according to Mastercard SpendingPulse.
This is a time of extreme spending by consumers, whether it be on gifts for loved ones or just simple self-indulgence. This period is an extremely profitable time for any company or brand. Overall, holiday sales represent about 20 percent of annual retail sales each year, but the figure can be higher for some retailers. Toy and game stores report the highest share at about 30 percent, according to Forbes. The festive season is a happy time of year, as people are known to feel more uplifted and excited in the lead up to the holidays. When consumers are happy, they are more inclined to purchase more. It is important for brands to position their marketing campaigns as festive to capitalize on this cheer that the holidays bring out in all of us.
This is a great time of the year to promote sales as billions of people are active on social media, giving effective advertisements from influencers and other marketing tactics maximum exposure.
According to SmallBusiness, over 70% of consumers consult social media before making buying decisions and 84% of consumers trust peer recommendations over brand advertising, pushing influencer marketing to thrive during this time period.
Whether it be an NFL player endorsing a certain brand of sock or an Instagram foodie representing a vitamin supplement, influencer marketing is a surefire way for brands to make the most out of their holiday sales and promotions. The season of gift-giving combined with the high spirits of the holidays makes for an amplified consumer base more inclined to become an active member of the market, which not only benefits marketers but the economy as a whole.