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THE 2018 MOST WANTED & MOST RETURNED HOLIDAY GIFTS
I was interviewed by Marketscale about the holiday retail rush:
2018 Christmas Season Trends
According to Wallet Hub*, 35% of Americans plan to spend more than $500 on Christmas gifts this year. 6 in 10 people say they’re better off financially than last year. That means more spending!
2018’s Most Wanted Holiday Gifts
- Electronics 31%
- Gift Cards 30%
- Clothes 14%
- Books 9%
- Furniture/Appliances 8%
- Jewelry 5%
- Toys 3%
What about unwanted gifts?
Not to put any “bah, humbug” into the Christmas shopping spirit, but a new study by Finder* shows $13 Billion will be spent on unwanted gifts.
- Clothing and accessories at 34%.
- Household items are second at 18%
- Cosmetics and perfume make the list with 14%
Interestingly, 29% will keep them and only 22% will exchange them.
Americans say the’d pay more for:
- Peace and Quiet 47%
- Faster Delivery 34%
- Friendly Customer Service 27%
- Gift Wrap 20%
BIG TRENDS FOR BUSINESSES
Yesterday at the movies there was an interactive game before the movie started.
> Walmart Toy Lab offers kids the opportunity to “try before you buy” virtually watching other kids play with the toys (sound familiar… YouTube) and seeing them up close and personal.
> Fox Sports VR is an app you can download where you can have your own VIP box seating, teleport to different camera positions around the stadium, and even watch regional NBA games to watch and talk with other people live around the world in a live – gaming atmosphere.
Low Pricing Everyday
Everyday low pricing, not just during the holidays. This means lower profit, so find ways to minimize your loss like :
1. Make it a best practice to frequently go back to your factories and ask for lower pricing.
2. Ensure you’re using the latest technology in your products and updating them yearly. New technology is often cheaper than what you might have been using from several years ago!
3. Find ways to cut costs in packaging or materials.
4. Sell direct and cut out the middle man.
5. Sell directly on your website (I love Shopify!) or create a subscription model. Shoppers love to be surprised monthly by brands they know.
6. Create an exclusive line of products for Amazon/eCommerce.
Having a better understanding of how the market’s trend is growing, paying attention to the demand and grouping the right data is what can help you put a great business strategy in place.
THE 3 BEST TAKEAWAYS:
- Electronics and Gift Cards are the most desired Christmas gifts this year.
- Stay away from Clothing, Accessories and Household items, as they get returned 25% – 30% of the time.
- Americans will pay more for peace and quiet, faster delivery, and friendly customer service so find ways to incorporate them into your daily business practices.