As the holiday shopping season draws near, global consumers are eagerly seeking inspiration for festive season gift ideas. A recent study conducted by McKinsey revealed that 47% of shoppers worldwide are in need of guidance when it comes to selecting gifts for their loved ones. With retailers preparing for the bustling Christmas season, customers are looking for recommendations to make their gift-buying process easier and more enjoyable.
The research, which surveyed 2,500 consumers across the UK, Germany, Canada, and the US, highlighted some intriguing trends in consumer behavior. While browsing in-store remains the preferred research channel for shoppers in Canada, the US, and Germany, the UK has shown a strong inclination towards browsing retailer websites for gift inspiration, indicating a robust digital presence in the region.
Although traditional marketing methods such as catalogues, flyers, and newspaper ads still hold some appeal, promotional emails emerged as the most preferred communication channel across all surveyed territories. Coupons also played a significant role in influencing purchasing decisions, particularly in Germany, Canada, and the US.
Female shoppers were found to be early birds in the holiday shopping season, starting their gift-buying journey as early as October and November. In contrast, male consumers tend to delay their shopping until later in the season. Women are more likely to purchase gifts for the household and children, while men typically shop for their partners or themselves.
When it comes to spending budgets, North America is projected to have the highest expenditure, while Germany is expected to have the lowest. However, a considerable percentage of shoppers have not set a budget, indicating a willingness to splurge if they come across the perfect gift idea. Age also plays a role in budget allocation, with different age groups in each country planning to spend the most on holiday gifts.
The increasing use of smartphones has transformed the shopping experience, with consumers turning to their devices for price comparisons, discounts, and product information while in-store. This trend is not limited to younger generations, as older consumers are also embracing the convenience that smartphones offer.
McKinsey noted that consumers aged 18-39 are particularly drawn to digitally enhanced in-store experiences, such as mobile payments, digital displays, and personalized offers. These features contribute to a more convenient and consistent shopping experience for tech-savvy shoppers. Ultimately, retailers must embrace digital tools to enhance the in-store experience and cater to the evolving preferences of today’s connected consumers.
For further reading on consumer behavior during the holiday season, check out these useful links: McKinsey’s research on holiday shopping habits amidst COVID-19 concerns and Forbes’s insights on changing online shopping trends.
