We know what we can expect from a typical holiday shopping season \u2013 in-store and online deals, trendy \u201cmust-have\u201d gifts and Christmas music everywhere \u2013 but what new shopping trends can retailers and consumers expect this year?<\/p>\n
Here, Montclair experts in marketing and economics weigh in on the trends we may see in the 2024 holiday shopping season.<\/p>\n
Despite concerns about the economy and inflation, Choi says social media data shows a joyful holiday shopping frenzy is expected, with joy being the most prominent sentiment in the social media data set.<\/p>\n
More consumers are taking their time before making purchases. According to Chatterjee, \u201cslow shopping\u201d emphasizes taking the time to think through each purchase as a need vs. want and making more mindful and level-headed buying decisions. The trend, especially popular with Gen Z, gives shoppers a chance to move past that initial rush of emotion that provokes a purchase, such as \u201cFOMO\u201d over missing a good deal.<\/p>\n
Of course, a major part of holiday shopping does involve taking advantage of deals and discounts, which leads to at least one impulse purchase during the season, Chatterjee adds.<\/p>\n
If 2023 was the year of all things \u201cBarbie\u201d pink, this is the year for the musical film \u201cWicked\u201d and everything Glinda pink and Elphaba green. Chatterjee says Universal\u2019s marketing strategy is a win for them and any retail partners this holiday.<\/p>\n
Retailers have developed AI-powered shopping tools to more acutely influence consumer preferences, while shoppers use AI to find deals and personalized brand recommendations, Chatterjee says. \u201cAI tools are influencing consumer behavior and boosting e-commerce growth.\u201d<\/p>\n
With the anticipation of increased spending on online shopping, Choi says retail strategies are centered around leveraging AI technology to enhance personalized experiences, optimize reach and sales, and boost consumer trust. \u201cAI-driven insights are increasingly becoming essential for maximizing the seasonal ROI,\u201d Choi says. \u201cWith changes in consumer data tracking (i.e. opt-in) accurate algorithms and models are more important than ever.\u201d<\/p>\n
Mann agrees that AI can serve as an effective gift guide and drive purchase decisions. One good example is Etsy\u2019s Gift Mode, Mann adds.<\/p>\n
TikTok is not just a fun social media video platform, anymore \u2013 and it hasn\u2019t been for some time. TikTok Shop has been generating momentum since it launched in 2023, and is especially popular for Gen Z, who are more likely to buy goods promoted by influencers and content creators, Chatterjee says.<\/p>\n
Noticing less alcohol consumption at parties and gatherings? Chatterjee says wine and spirit consumption has declined post-Covid, and the trends are expected to continue for the foreseeable future. \u201cBrewers are responding by creating and promoting lower or no-alcohol options and expanding into new categories like hard seltzers and ranch water.\u201d<\/p>\n
Mann also cites reporters of younger consumers’ inclination to abstain from alcohol. \u201cWe may continue to see a growth in non-alcoholic drinks, as the popularity has been steadily increasing,\u201d says Mann. \u201cAdditionally, legalization of cannabis may also have some impact on alcohol consumption as some consumers may reduce alcohol consumption due to access to cannabis products.\u201d<\/p>\n
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