Are you going to be in the lines of shoppers who are out early the morning after Thanksgiving (or the evening of)? Or will you be spending the night of or morning after doing all of your shopping online, from the comfort of your sofa? Check out these predictions for holiday shopping this year.
According to Deloitte’s holiday forecast, the sales will increase 3.5-4% this year over last holiday season. Though it’s an improvement over 2011, it isn’t as significant as the increase we experienced from 2010 to 2011, when holiday sales rose 5.9%.
Online sales will soar. While the majority of sales will be in store, online sales are expected to experience a 17% increase over 2011.
Increase in luxury spending. According to a survey by Booz & Co., 53% of consumers will be purchasing a luxury item this holiday, a significant 41% increase from last year. Luxury retailers like Nieman Marcus and Saks reported booming sales last year and are expected to see more of the same this year.
Black Friday fading. In recent years, Black Friday has moved beyond Friday. Retailers are opening stores the night of and sales are beginning as early as the Monday before Thanksgiving. Online sales have also moved beyond Cyber Monday. Together, this expansion of the traditional “Black Friday” is making the shopping holiday almost irrelevant.
Amazon will be a major contender. Amazon sales last year began 24 days before Black Friday, making it a major contender among retailers as shoppers search high and low for the best deals. Brick-and-mortar retailers have responded by refusing to sell Amazon’s Kindle and are fighting back with great deals in their own stores to draw customers away from Amazon.
Now is a great time to stock up on retail labels to encourage customers to purchase when they visit your brick-and-mortar location. Multi-channel shopping will be popular this year, as customers research online but buy in the store and retailers need to position themselves to snag every sale any way they can. Brightly colored retail labels are a great tool for doing just that!