Australians are set to increase their spending, start shopping earlier and combine online product research with bricks-and-mortar purchases this festive season, new research from MiQ Australia has found.
More than one-third of Australians (34%) are expecting to spend more this holiday season, compared to 2021, despite rising inflation, interest rates and cost-of-living expenses. Although people are spending more money, they are buying fewer products, being more selective and doing their homework, with seven in 10 people conducting product research, such as reading reviews and comparing goods.
The report predicts a bumper holiday shopping season worldwide, with nearly half the population (46%) looking to increase their spending. While essential items remain top-of-mind with most 2022 customers (74% globally), they are also set to spend big on fashion, beauty, health and fitness, and electronics.
For brands looking to increase their ROI and engage new audiences this holiday season, omnichannel shopping options remain critical. Four in 10 customers are continuing to toggle between online and offline shopping platforms, with trends like “click and collect” and “research online, buy in-store” driving hybrid shopping behaviours and a predicted surge in physical shopping closer to Christmas.
MiQ CEO for Asia Pacific, Jason Scott said meeting customers in the moment would be critical to a successful holiday shopping campaign, along with implementing solid frameworks for measuring success.
“Brands need to understand that this year, their shoppers have different budgets, priorities and shopping plans, so they need to adjust their campaigns accordingly,” he said.
“Timelines are changing too – people are shopping earlier to try and overcome supply chain issues and cost-of-living pressures, and they’re doing more research, so campaigns need to start earlier and tap into that user demand for information.”