Zoho Survey Results: 2024 Holiday Shopping Trends and Retailer Preparation Strategies

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As the 2024 holiday season approaches, Zoho’s latest reports provide a comprehensive look at consumer behavior and effective business strategies. With insights from 1,500 respondents spanning various regions and generations, the data reveals trends in spending, time, and shopping preferences, as well as tips for retailers to improve their holiday strategies.

Holiday Shopping Trends

Based on Zoho’s survey of 1,500 buyers and sellers ahead of the 2024 holiday shopping season, here are some of the biggest trends right now and how sellers can prepare their businesses to make the most of this season.

1. Timing: Early Birds vs. Last Minute Shoppers

Holiday shopping starts at two different times: pre-Halloween and Black Friday/Cyber Monday. According to Zoho, 25% of buyers start earlyaiming to avoid crowds, while 44% are waiting for Black Friday and Cyber Mondayattracted by the promise of high discounts.

Generational Divide:
- Gen Z and Millennials: Black Friday remains their top choice, with over 67% citing it as their favorite shopping event.
- Gen X and Baby Boomers: While Black Friday dominates, Boxing Day and Thanksgiving sales also hold appeal.

Seller’s tip: Run early bird promotions to capture active shoppers, and boost Black Friday and Cyber Monday campaigns to achieve high purchase momentum.

2. Shopping Places: Online Dominance, In-Store Appeal

Online shopping leads to all kinds of people, with 47% of respondents like online markets. However, the in-store experience remains active, especially among Baby Boomers and Millennials, with 33% prefer supermarkets, department stores, and large retail chains.

Gen Z: Prefers product-specific stores for exclusivity.
Millennials and Baby Boomers: Notify small businesses and shops that sell personal, unpopular items.

Seller’s tip: Balance your strategy by ensuring strong online shopping options while considering an engaging in-store experience to appeal to a wider audience.

3. What’s on the wish list?

Consumers are prioritizing a mix of luxury and functionality this year. Food, beverages, clothing, and electronics dominate the holiday list, with generational preferences shaping consumption patterns:

Gen Z: Focus on clothing and beauty products as part of self-expression.
A thousand years: Prioritize experiences over material gifts.
Gen X: Emphasize home decor and personal touches.
Baby Boomers: Search for health technology and products for thoughtful investment.

Seller’s tip: Fashionable winter clothing, gadgets, and festive food baskets, includes product bundles according to regional and manufacturing preferences.

4. Impulse Shopping: Discounts, Quality, and Convenience

While discounts are the best incentivesconsumers also value product quality and a seamless payment experience. Safety is important, with 62% prioritize secure jobseven if it means slower checkout times.

Seller’s tip: Emphasize quality in product offerings, ensure secure payment systems, and streamline both the online and in-store shopping experience.

Preparing Small Businesses for the Holiday Season

Here’s a look at what small business retailers can do to capitalize on these 2024 holiday shopping trends.

Asset Management

With 42% of businesses identify inventory as their biggest concernplanning ahead is essential. AI-driven tools can help predict demand and adjust stock levels and customer preferences, reducing shortages and reducing overstock.

Possible Steps:

Partner with local suppliers to find reliable restocks.
Offer digital products or experiences to diversify inventory.

Marketing and Promotions

Consumers rely heavily on online markets (26%) and search engine ads (15%) to find deals. Word of mouth recommendations also retain value, capture 8% of consumer attention.

Possible Steps:

Highlight promotions on social media and social media.
Promote in-store events or partnerships to improve word-of-mouth appeal.

AI and Customer Engagement

While AI helps with personalization and demand prediction, only 9% of consumers fully trust AI-driven recommendationswhich shows the importance of automatic measurement and human interaction.

Possible Steps:

Use AI for basic support functions and innovation optimization.
Retain human representatives for complex customer service needs to build trust and empathy.

In-Store and Online Synergy

Consumers appreciate the convenience of online platforms and the in-depth experience of physical stores. Creating a seamless omnichannel experience is critical to capturing both audiences.

Possible Steps:

Make sure all inventory is available online with accurate descriptions.
Choose inviting store displays that highlight popular and exclusive items.

The 2024 holiday shopping landscape is changing, combining traditional and modern trends. To succeed, small businesses must stay ahead of the curve by anticipating customer needs, optimizing inventory, and creating memorable shopping experiences both online and in-store.

By implementing early marketing strategies, leveraging AI for efficiency, and delivering high-quality, personalized customer service, retailers can navigate the season with confidence and build lasting customer loyalty.

Photos: Zoho

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