As we enter the holiday season, it is appropriate to dive into the spending trends many brands have their eye on for the season. Every company wants a slice of the pie. Whether you are a founder, marketer, or an established brand, you need to know about the current spending trends. Here are five spending trends that you should know about.
1. The Experience Matters. Retail is still thriving, but today you have to approach it differently. This season customers are looking for a new experience. They want a one-of-a-kind experience and hard-to-find items that no else has. They want to find things in a unique environment. The Experience is creating the retailing expertise that customers have never seen before. They are offering customers a place to not only shop but also to eat, listen to music, play games, and hang out with friends. Experience keeps customers coming for more.
2. More is Better. Online customers value the same item in stores but want the speed and convenience of online. The in-store shopper has more time and wants the luxury experience that goes along with what the store offers. This customer wants the service, attention, and the experience that can only be found in stores. The similarity between the online and in-store shopper is value. No matter how luxurious the offer or how wealthy a client is, they all expect value. Many customers are still buying, but some are retail customers, who expect home delivery and this trend is growing. Customers are also expecting rewards for loyalty. Brands have already started offering discounts, and this trend is paying off. Luxury customers want improved customer service to go along with their shopping. Make sure these trends are part of your brand whether online or in-store.
3. Create the unexpected. Use a surprising partnership to merge ideas. Join brands and create shareable experiences that are viral in social statement. Big brands often use expensive trips, but something like dinners with artists and designers can bring the most rewarding ideas in the market. Word of mouth can also play the trick. Use social media to market a new partnership as part of a renewed interest.
4. Pay Attention to Trends with Millennials. Growth has always been uneven in the luxury industry. Trends are more likely to drive millennials than older customers are since they are less defined by routine. Depending on the product you are offering, this is a perfect opportunity to divide your marketing or expand your audience. Millennials are more prone to purchase than objects and goods. Make sure you customize your approach to your clients.
5. Credit availability. During a financial crisis, people tend to borrow, and banks are more willing to lend. Consumers get their confidence to purchase through borrowing. The credit cards are warming. The consumer’s income has also increased over the year thus increasing the amount they can borrow and support repayment methods.
These are some of the spending trends pushing the market. The patterns may run until next year.