It has been a difficult year for everyone and hope is high that going into the holiday season, the COVID-19 pandemic will begin to ease. The retail industry is one sector that has taken a massive hit in 2020 and shopping has changed greatly already.
Compared to years past, holiday shopping will be different in 2020. Here is a look at five changes the winter season will see compared to previous holiday shopping years.
1 Less spending on goods
One of the biggest differences is the amount of money people have to spend in 2020. The COVID-19 pandemic has left millions of people around the world without work. Others have been with reduced salaries or increased uncertainties over employment next year. There have been claims that Millennials, who are now in their late-20s to late-30s, are planning to spend less. Their desire to budget money will cause a major shift in traditional spending habits. Shopper behavior is set to change due to the uncertainty over the pandemic and companies are going to suffer.
2 Change in gift ideas
The pandemic has changed personal habits. People are going out less than ever before due to the risk of catching COVID-19. With people staying at home more, it has caused individuals to cook, exercise, and work from home. Rather than clothes, shoes, and items to wear out on the town, there could be a shift in gift ideas. More exercise equipment and cookery could be sold this holiday shopping period.
3 Extended shopping deals
Traditionally, Black Friday has been the biggest shopping day of the year with exclusive (limited) sales found in stores. Black Friday is likely to see low numbers of shoppers for a variety of reasons. Therefore, stores, brick and mortar and online, could extend the deals well past Black Friday and Cyber Monday. Exclusive deals could continue all the way up to Christmas Eve.
4 Online shopping will be bigger than ever
Amazon is set for a busy holiday shopping season as more and more people go online to get gifts. It isn’t just Amazon that will make a lot of money this holiday period. Experts believe online shopping is bound to grow even more in 2020. Brick and mortar stores are getting into the online shopping act by letting customers order online and pick-up at the store rather than pay for delivery. It is just one way that stores are trying to evolve and adapt to the current shopping climate.
5 Decrease in last-minute gift buying
If you don’t plan ahead, there is a chance you will miss out on getting gifts in time for the holiday period. The mail service is likely to be overwhelmed more than ever and stores won’t be open as in years past. Shoppers who haven’t got their gift buying finished in time will be out of luck. A lot of online stores have been encouraging shoppers to start early. If you have been ordering presents already, you may not get the items you want to gift.