Holiday Shopping Trends: Most Consumers are Looking for Deals
The U.S. has become a nation of deal-seekers. Instant access to deals at the swipe of a finger or click of a mouse has propagated deal-seeking behavior and turned Americans—millennials included—into professional shoppers and bargain hunters.
Even with low unemployment rates, the end of the recession and thicker wallets, new research uncovered that deal-seeking is on the rise with more than half (56 percent) of respondents saying they are more likely to look for deals this year as opposed to last year. For retailers looking to engage with existing and potential customers ahead of the busiest shopping season of the year, the research also identified four key trends to consider:
Most consumers are seeking deals regularly—regardless of income. When asked whether they look for deals when they shop, nearly all respondents (97 percent) said yes, with 92 percent saying they are “always” looking. This deal-seeking behavior is not limited to those who need to stick to a budget, either. Nearly 90 percent of respondents with annual household earnings of $200,000 or more look for deals regularly. Retailers should keep in mind that deals aren’t just for those strapped for cash, and offering deals across a spectrum of high- and low-value products can help reach different shopper audiences.
Theresa McEndree is the Vice President of Marketing at Hawk Incentives, a Blackhawk Network Business delivering incentive programs that build relationships with easy-to-use platforms, global rewards and comprehensive service and support.