Table of Contents
- 5 Holiday Shopping Predictions Every Jeweler Must Keep in Mind
- 1. Inflation is hurting consumers
- 2. Holiday shopping will start earlier than ever
- 3. Travel may not be one of your strongest competitors
- 4. Discounts, loyalty programs, and other payment schemes will be more popular
- 5. Get ready for more mobile shopping
- Ring in the Holidays!
‘Tis the season to be merry! With the end of the pandemic in sight, we’re now in a better position to seize the opportunity to cross the line and reclaim the social lives we’ve lost in the last two years. And what better time to reap the reward of our sacrifices than the holiday season? In this article, we’ve outlined five of the top holiday shopping predictions every jeweler must keep in mind. Let’s get it started!
5 Holiday Shopping Predictions Every Jeweler Must Keep in Mind
1. Inflation is hurting consumers
We’re not there yet but shoppers are already starting to worry about the cost they would have to pay for holiday presents. Inflation pressures remained strong in August as the US Labor Department reported that Consumer Price Index (CPI) rose 8.3% in August from the same month last year.
Such a figure validates consumers’ concerns. In the US, 40% of shoppers admitted that inflation is changing the way they shop for the holiday season. If you’re a jeweler that retails low to moderately-priced jewelry pieces, this would hurt you more. Meanwhile, the middle class is feeling the squeeze tighter than others, which justifies their resort to different money-saving strategies. On the other hand, approach wealthy consumers differently. Remember that rich people were still buying diamonds at the height of the pandemic in 2020. Check the stock market and understand the factors that influence their buying decisions so you could tread the path to your advantage when it comes to this group.
2. Holiday shopping will start earlier than ever
Inflation fears are what fuel the early jump on the year-end holiday shopping.
Bankrate, a consumer financial services company, found that about 50% of holiday shoppers plan to start their holiday shopping by Halloween while over 20% already planned and started even before the jack-o-lanterns make their appearance.
Since shoppers are expecting prices to increase as the holiday season nears, buying gifts earlier than they’re used to is one of the common price-saving strategies. This means that your jewelry stores must also be ready to cater to your customers’ gift-buying needs. Secure your inventory and move your promotions ahead of schedule. If you can, begin your jewelry promotional campaigns before September ends.
3. Travel may not be one of your strongest competitors
While revenge travel was surging in the summer, this may not be the case in the winter.
Sure, eased travel restriction was a cause of concern but the sky-high airfares brought about by pricey fuel and driven by global markets as they continue to tackle the impacts of the Russian invasion of Ukraine would somehow soften the blow this year.
Needless to say, with the cost of travel going up and the consumer spending power going down, adjustments in the way consumers spend on gifts and experiences this holiday may be in order, even if it means foregoing future travel plans and settling for a more meaningful experience at home.
4. Discounts, loyalty programs, and other payment schemes will be more popular
With the continuing supply chain issues, expect your consumers to be more price-conscious this year than the previous years. There will be more belt-tightening as shoppers prioritize reasonably low-priced gifts.
Plagued with uncertainties, shoppers will hold back on spending and prioritize reasonably low-priced items. With this belt-tightening comes the demand for more discounts and loyalty programs. If you want to engage more consumers this season, ensure that you have an “early bird promotion” in place, for instance.
Further, the rise of Buy Now, Pay Later (BNPL) was noticeable in the previous year and the same will be the case this year, if not more. BNPL, as the name suggests, is a short-term financing scheme that allows shoppers to make purchases, receive their purchases upfront, and pay for them at a future date, often interest-free.
Shoppers find BNPL attractive for its no-strings-attached nature. Add this payment option to your online store if you don’t want to miss out on this opportunity.
5. Get ready for more mobile shopping
Online shopping will continue to dominate.
Last year, Google reported that only 4% of American shoppers did not buy from any digital channel in 2021. The year 2022 will not be far from that as e-commerce continues to display a steady popularity post-pandemic. But not only will the digital channel reign, but consumers will also embrace mobile shopping more.
Gas price hikes are predicted to impact foot traffic this year. But why go through the hassle when everything they need is right at their fingertips?
Nothing beats our smartphones when it comes to convenience. It’s only natural for shoppers to reach for their phones when they need some gift ideas or inspiration. If your jewelry store is online, you must think about mobile optimization to provide shoppers with a seamless shopping experience. Always think of mobile first and the rest will follow.
Ring in the Holidays!
Do you agree with these holiday shopping predictions? Which of these have you noticed creeping in real and steady? Let us know in the comment section below and remember, start the holiday season right!