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Madison Marquette: Holidays Will See “Radically Different” Consumer Behavior, Retail Strategies
Madison Marquette’s 2022 Holiday Trends: What’s In, What’s Out report reveals a radically different year of post-pandemic consumer behaviors and retailer strategies. As COVID-19 concerns ebb, consumer spending is being swayed by uncertainties and anxiety about inflation, recession, and geopolitical tension
“The 2022 shopping landscape is a portrait of the uncertain economic climate rather than COVID-19 concerns,” said Meghann Martindale, Madison Marquette’s Head of Retail Research. “Budget conscious consumers are buying earlier and more carefully as retailers fuel interest by offering deals well in advance of an increasingly irrelevant Black Friday shopping season kickoff.”
According to the analysis, Black Friday is taking on a new meaning from a shop-to-you-drop identity to one of counter-consumerism ethics. Retailers are offering record promotions and deals to maximize sales to liquidate excess merchandise. At the same time, consumers are relishing a nostalgic return to pre-pandemic normalcy by prioritizing purchases based on value and affordability.
“Today, consumers regard shopping on Black Friday as procrastination, given the pressure they feel to secure gifts and to take advantage of early cost-savings incentives by retailers,” Martindale added. “The economic red flags are that consumers are buying more on credit and retailers have a glut of products.”
In this year are sustainable Black Friday alternatives, while traditional Black Friday doorbusters are out, thanks in part to the elongated selling season and omnichannel shopping. Also in is inflation-driven retail sales growth, while COVID-19 concerns are out, even if consumers still enjoy the convenience of curbside pickup.
- ◦Economy
