How Consumers Are Adjusting Their Holiday Shopping Plans This Year

Wallethub recently published fascinating consumer survey results about attitudes toward holiday shopping this year. We went through these findings, highlighted the insights that surprised us most and gathered some tips for responding to these emerging 2020 holiday shopping trends in the weeks to come.

77% of people will do more of their holiday shopping online this year.

Our question for you is: are you ready? If you are not sure your store has a strong enough online presence yet or the capabilities to sell online at all, we have some articles that can help support your transition to online selling. If you get started right away, you’ll have a better chance at catching a bit of the holiday rush!

23% of people will give a mask as a holiday gift this year.

This finding is really interesting and it’s not all that surprising. Masks make great stocking stuffers! And, safety is a fantastic gift in our book. Consider partnering with a local artisan in your community who is making unique reusable masks or check with your manufacturing partners to see if any are selling PPE wholesale (for resale). It also makes a great add on to a larger purchase of a gift item like a pillow or sheet set.

Almost 102M consumers will spend less on the holidays this year than last year. 

While this figure may feel disheartening, it may not have a huge impact on the bedding and mattress industry. In fact, it may actually bolster consumers’ ability to spend on themselves and their homes as we all hunker down for the winter of the coronavirus. That said, if you typically see an uptick around the holidays—it will be important to take this potential dip of revenue into account as you look for ways to minimize future losses and maximize your sales moving forward. For example: are you equipped to serve customers even if you have to close your storefront again?

Nearly 1 in 3 people are foregoing holiday gifts due to the pandemic.

While people may not be buying gifts for others, there's a good chance they still might like to refresh their bedroom as a gift to themselves. Position your business as a go-to for a new mattress, sheet set or other stress relieving item to help your customers sleep better!

Consider running a marketing campaign or creating an email blast with the idea of getting better sleep for the holidays. You can make it a little funny by framing it as a gift for the shopper as well as those who live with them.

31% more young adults than baby boomers plan to be more charitable this year.

While Wallethub does not really define the age of young adults, this statistic offers a key insight into how to grab the attention of younger consumers: authentic philanthropy. The pandemic has already required many companies to step up and lend a hand—but it’s also put many companies in tough positions. No matter where you find yourself or your business, consider how you can help others this holiday season and beyond. Doing good for goodness sake will always be a popular choice and a winning strategy.

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