We recently wrote about gearing up for the Holiday 2022 buying season if you’re a maker or a small business, and this year more than any other season before, it may be more important to get a head start on your prep and offerings.
Early reports and surveys are suggesting that this year’s holiday shopping is going to look different for buyers, as shoppers contend with inflation. They may be more price adverse, and may even be considering lowering budgets or shopping secondhand.
It’s not all bad news, or it doesn’t have to be: According to The Financial Brand, holiday shoppers may not be waiting for the big Black Friday sales to hit: Holiday shoppers are reportedly starting early this season. That may be why Amazon is hosting an unprecedented second Prime Day in mid-October, to capture pre-Black Friday bargain hunters. And you may want to consider taking a page from the shopping behemoth’s books and host a pre-holiday sale in the next few weeks.
Bankrate’s September 2022 study revealed serious financial anxiety among consumers: 40% say inflation will change the way they shop and among that group, 95% are looking to save money with coupons, discounts, even second-hand gifts. On top of that, most shopping will start in October — long before ad campaigns for year-end holidays appear.
The Financial Brand
Rock Technolabs is also predicting an early start to the shopping season. This may be because people are trying to spread out their spending rather than waiting to do it all at once. Or it could be because after two years of supply chain issues, people are trying to order early to prevent shipping delays that made it hard to wrap presents on time. Consumer trust in companies, even small businesses, is at an all-time low, which means they want to order early so they know their gifts are on time.
RISNews agrees: “We’ll see more retailers return to discounting this holiday season,” Nikki Baird, VP of strategy at Aptos, told RIS. “But with shoppers expecting inflation to continue through the season, they’re looking to spend earlier than ever, and may not stretch their budgets all the way through the traditional holiday selling season, so the retailers who have the best chance to appeal to consumers will roll out their stronger promotions earlier, rather than waiting until December.”
So make sure your Payable Form is up to date, think about your sales tactics now, and consider posting a pre-holiday sale soon. Even if you make your delivery dates closer to the holidays, the earlier you can lock in pre-orders, the easier your holidays will be! This also allows you some more slack in terms of supply chain, which is also likely to become more of an issue in coming months as all businesses ramp towards the holidays.