As the holiday season continues to get closer we are beginning to see a steady flow of surveys and other studies concerning what we can expect this year. One of the most significant new reports thus far is from the National Retail Federation. In the report, they state that it is expected that online holiday sales will grow by 6-8% and will outpace overall retail sales growth for the season.
The total growth in holiday sales is predicted to go up by about 3.7% to a total of around $630.5 billion in November and December of 2015. Last year retailers enjoyed a 4.1% growth so this is not quite as good news as some were hoping for.
Matthew Shay, CEO and President at NRF, said, “With several months of solid retail sales behind us, we’re heading into the all-important holiday season fully expecting to see healthy growth. We expect families to spend prudently and deliberately, though still less constrained than what we saw even two years ago.”
He went on to say, “Price, value and even timing will play a role in how, when, where and why people shop over the holiday season. Retailers will be competitive not only on price, but on digital initiatives, store hours, product offerings and much more.”
The bottom line here is that while there will be a nice increase in sales both online and off, retailers will need to work harder than ever to make sure they are getting as much of that increase as possible. It is not enough to simply let consumers come to you and make a purchase. Marketers need to actively seek out consumers where they are and entice them to make that purchase.
As digital marketers, if you’re not already actively planning and implementing your holiday strategy, you better begin right away.
You can see the full report announcement HERE.