COVID-19's Enduring Impact on Holiday Traditions Through Past and Future Celebrations Unveiled
In the rapidly evolving retail landscape, the holiday shopping season of 2022 is shaping up to be a unique blend of traditional and digital shopping experiences.
A significant shift has been observed in consumer behaviour, with approximately three-quarters of consumers now researching products online before making a purchase, a clear move away from relying on retail employees for information and recommendations. This trend is set to continue, with 40% of consumers planning to do the majority of their holiday shopping online this year, an increase of 10 percentage points from pre-pandemic levels in 2019.
The 2019 holiday season saw sales gains across the retail industry, with e-commerce posting a nearly 19% growth. Nearly 40% of the season's sales were made on Black Friday and Cyber Monday, a figure that might change as consumers become more comfortable with digital shopping.
The longer holiday season could pose challenges in determining the optimal time to make purchases, as consumers are growing accustomed to shopping earlier. The holiday shopping season in 2020 was shaped by timing, with retailers encouraging early shopping to avoid Black Friday crowds and a massive e-commerce shipping crush in peak season.
Foot traffic on Black Friday declined in 2019, but store pickup of online purchases was gaining steam. In 2020, the world had endured more than six months of a pandemic that had already killed over 200,000 people in the U.S., and retailers like Walmart and Target announced they would close on Thanksgiving Day, reversing the creep of shopping into the holiday.
Inflation and high gas and food prices have squeezed consumers in 2022, causing them to focus on price and affordability in their discretionary spending. Retailers like Target and Amazon are planning sales events in October to kick off the holiday season, a strategy aimed at attracting budget-conscious consumers looking for deals.
The retail industry faced several challenges in 2020 and 2021, with supply chain bottlenecks and sharply rising demand resulting in empty shelves and concerns about stock availability. Despite these challenges, retailers like Walmart, Target, and Amazon sought to reassure customers that they would be fully stocked for the holidays.
In the 2021 holiday season, strong sales and hefty profits were achieved despite spiraling freight and supply chain costs, thanks to higher prices and fewer discounts in an inventory-constrained environment. The search results do not provide specific information about the most significant retailers who started their sales events in October 2022 to kick off the Christmas season.
As we move into the holiday shopping season of 2022, it's clear that the landscape has changed, with consumers embracing digital shopping and earlier shopping times. Retailers will need to adapt to these changes to meet the needs of their customers and ensure a successful holiday season.
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