Early Holiday Discounts Dive Deeper This Year
The holiday shopping season is creeping backwards on the calendar each year. You may be browsing for the perfect gifts with that pumpkin spice latte in your hand as the holiday discounts begin earlier and earlier. Our InfoScout OmniPanel™ holiday shopping survey shows that over 50% of shoppers plan to start their holiday shopping this year before Halloween. And consumers are planning on spending MORE this year on the holidays, according to the National Retail Federation. Shoppers plan on spending $1,007 on average for the holiday season - which is 4.1% more than last year.
Numerator assesses holiday promotions every year to help improve our clients’ understanding of how retailers and brands are going to market during the holiday shopping season. We can help track crucial metrics, like depth of discount, for determining the success of key promotional events, and when the best time to start discounting is. We answer questions like:
- Did retailers kick off their holiday discounting earlier this year?
- Which categories are discounted deeper this year than last year?
- How do discounts for your products compare to your category overall?
Retail discounts in general were deeper this year during the early holiday timeframe, starting October 1st through the first week of November. Across all categories, retailers offered an average of 33% off regular prices between 10/1 and 11/6 this year, compared to 32% during the same period last year.
Select categories saw distinctly deeper discounts early in the season this year. Promotions for cameras averaged 47% off this year, compared to 33% off in 2017, while discounts on entertainment products like video games and movies averaged 33% this year versus only 22% off last year. Each of these categories are key gifting items during the holiday shopping season, so it will be interesting to see how much better discounts will be on the week of Black Friday, assuming some demand was taken out of the market with the improved early-season deals.
Are your retail promotions as effective as they could be? Email us at firstname.lastname@example.org for more information.