November 2022 - Creating a Higher Purpose
Shop With a Purpose This Holiday Season
Despite economic uncertainty, consumers anticipate holiday spending for loved ones. In the past few years, retailers saw a severe disruption in the supply chain, and with inflation at its highest, consumers are being more cognizant of their earnings and where they spend their money. According to the National Retail Federation, there is a forecasted growth of 6% to 8% in the U.S. 2022 holiday sales, which is lower than the holiday sales in 2021.
Due to consumer spending uncertainty, retailers have started their holiday shopping season earlier than ever before. Retailers are desperate for an increase in sales during this holiday season and they have been doubling down on membership benefits, price match guarantees, and new conscious marketing to reach more and new consumers.
One ongoing trend this Holiday Season is that consumers are becoming more aware of purpose-driven businesses, whether they are local or nationwide, and want to spend their money on those who are doing good for their community. Prices have been competitive from business to business, but most shoppers want to make their spending count. With the holidays right around the corner, people are focusing on American-made products, shopping with small businesses, and shopping black-or-minority-owned businesses to show their support during these hard times.
According to Paige O’Neil, Chief marketing officer at Sitecore and contributor to Adage.com, “When prices are competitive, most shoppers want to make their spending count and will prioritize buying American-made products (71%), shopping with small businesses (74%) and with Black- or minority-owned businesses (57%).”
Inflation and the supply-chain epidemic has not only been hard for shoppers, but also for businesses. During the 2022 holiday shopping season, we anticipate that more businesses will focus on an authentic social impact strategy that will resonate with the conscious consumer. Consumers are predicted to spend more consciously this holiday season both in-store and online. Buy-one-give-one is a huge incentive to the consumer this year, and what better way to give back this holiday season than to shop with purpose-driven businesses doing good in the world.
Consumers want to be cared for when they are shopping this Holiday Season and also want to give to back while they purchase the gifts for people that are important to them.
Jonathan Liebert, CEO/Co-Founder
November 22, 2022