The holiday rush playbook, and how this unprecedented year will affect consumer demand and marketplace needs during the holiday shopping season and into 2021
It’s the most unpredictable time of the year.
Retail data intelligence firms have reported significant, continuous shifts in consumer demand and spending patterns throughout 2020. Three contributing factors that led to this instability are the global pandemic, economic downturn and social injustice. These matters have caused consumers to increase focus on their wallets as well as companies’ actionable responses to social issues. Recent consumer patterns are likely to stick around for the long haul to create a new dynamic, impacting the consumer decision-making process.
Additionally, as digital innovation has always been a constant experiment for businesses, 2020 made it essential for companies to shift a heavier share of advertising dollars to digital marketing channels and use their owned digital channels to communicate their companies’ core values to consumers demanding change.