Amid inflation concerns, many shoppers are looking to get creative to create a festive holiday.
For 67 percent of consumers, inflation is directly impacting purchase decisions already, looking at how they spend on utilities, transportation and groceries. To offset these costs, consumers said they are spending less on discretionary purchases including home entertainment , apparel and accessories , jewelry and watches and home decor .
To enable continued spend around the holidays, consumers said they are “looking for creative ways to stretch a dollar” at checkout. With this in mind, the authors of the report said “online retailers willing to align with that cause by offering holiday discounts, bundled product packages and free gifts will be more likely to earn consumers’ trust and loyalty — and their business.”
With this in mind, Jen Brennan, director of digital marketing at Northern Commerce, said in the report that when it comes to Millennials, they “are one of the most valuable audiences available to brands” and that “understanding their needs and what drives their purchase decisions is a critical component to Cyber Week success.”
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