Discounts Key to Brands' Holiday Hold on Customers: EMarketer
The holiday shopping season has crept sooner into Q4 in recent years, spurred by a COVID-19 pandemic-delayed mid-October Amazon Prime Day in October 2020. In 2022, the holiday season “is already here,” emailed eMarketer Monday. In a year with steep…
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inflation, consumers are balancing a desire for return to “normal” holidays with the need to trim spending, it said. Many shoppers plan to cut back, switch to value brands and shop earlier to avoid price hikes, the research firm said. Some 43% of U.S. consumers are looking for sales and promotions to be able to buy their favorite brands, eMarketer said, citing NCSolutions data. “Discounting may not help the bottom line, but it may keep inflation-weary shoppers from abandoning brands altogether,” eMarketer said. Citing a Salesforce report, it said 51% of consumers plan to buy fewer holiday gifts, 28% plan to spend less this holiday season and 67% said they have reduced spending on nonessential items. Some holiday shopping even began in July with Prime Day, and numerous reports say Amazon is planning another sales event in October. “With another potential Prime Day in October, non-Amazon retailers need to attract customers jumping the gun to avoid price hikes,” eMarketer said. Amazon didn’t comment.