The 2020 holiday shopping season is going to look a lot different this year. As we make our way through the pandemic still, retail trends are quickly changing. It wasn’t only during the stay-at-home orders that retailers had to focus on online orders and curbside pickup – those trends are continuing throughout the holiday season as shoppers favor social distancing over anything else.
Reinventing Black Friday
First, let’s look at Black Friday. The days of fighting over the last toy or the last TV on doorbuster sale are behind us. Now, retail trends are showing that companies are spreading out the Black Friday deals. In other words, you don’t have to flock to the store at 3 AM or miss Thanksgiving dinner to get the best deals anymore.
Many stores, such as Walmart are starting the deals now. They’ve already commented that they’re spreading out the deals both in-store and online to avoid any spread of the disease because people are clamoring for a good deal.
Perhaps one of the most disturbing retail trends for the 2020 holiday season is the lesser spending consumers will do. Surveys already show that consumers don’t have the funds or don’t want to spend the funds this year.
It’s been a scary time for many, so going overboard and putting themselves in credit card debt or sacrificing other expenses just to get through the holidays isn’t a top priority any longer.
Most consumers want to spread the spending out, which many retailers are catching wind of. They want to start shopping now – getting the deals they need now so they can avoid overspending in December. When consumers can spread out their spending, they may be able to buy more because it’s not all done at once.
Many consumers also show an interest in shopping local. Since the pandemic, millions of small businesses have had to shut down. Concerned consumers want to take any dollars they can spend and give them to the small businesses, making it easier for them to keep their doors open.
You may just see higher sales in local boutiques and retail stores than you will the big-box stores this year, which is great news for small businesses.
Retail Turned Political
Today, consumers are also hyper-aware of how a company operates. They know their values and choose where they spend their money accordingly. With social media use on the rise, businesses are always showing their cards – consumers want to know where they stand, how they treat their employees, how they treat the environment, and what rights they stand for.
It’s easy to say that retail merchant trends have changed dramatically for 2020. Whether it’s for the better or worse is yet to be determined. What we should know, though, is that consumers want to start shopping and finding deals now to avoid the crazy December rush. Is your business ready?