Holiday shopping sales before Halloween? No one loves the holiday season more than I do — while spicy candles and harvest decorations adorn my home now, it literally turns into a Hallmark Christmas movie setting after Thanksgiving. Note, after Thanksgiving.
NBC’s consumer correspondent Vicky Winn reported that 27 percent of consumers said they started Christmas shopping by the start of September and that number jumped to 42 percent by the end of the month.
From October 1-4 Target offered 40 percent off certain items to its, free to join, Target Circle membership. It also launched “Deal of the Day” that will run until Christmas. Best Buy too ran a 48-hour flash sale in October and Amazon ran Big Deal Days October 10 and 11.
What gives? With wallets tightening as a result of higher prices and inflation, retailers are getting a jump on the battle for their share of holiday spend. They are also meeting the need consumers have to spread out their buying over months, not weeks.
According to the National Retail Federation (NRF), “Retailers are responding to consumer demand by starting deals and promotions for winter holiday merchandise earlier in the year. That also allows consumers to spread out their budget over a longer period of time and search for the best deal for their holiday purchases.”
As well, it reported, “This year, retailers moved up their peak shipping season to allow for additional time to bring in products for the winter holiday season. According to NRF’s latest consumer survey, 44 percent of holiday shoppers say it’s better to purchase gifts and other seasonal items now because they believe inflation will continue to impact prices later in the year.”
How will consumers engage with home improvement and prepare their home for the holiday season? According to the Joint Center for Housing Studies at Harvard University (JCHS), Americans spend more than $500 billion a year on residential renovations and repairs. JCHS has reported that this number will continue to decrease throughout this year as we face “high interest rates, softening house price appreciation and sluggish home sales.”
So how do specialty retailers entice consumers to allocate their discretionary cash to purchasing new flooring? First, understand what they value most. It’s not so much about pushing a product as being consumer led. A consumer-centric approach, one that meets the customer where they are in their journey, is critical.
The consumer has been trained to demand immediate gratification by the likes of Amazon. Every product you show them should be available to them or, at the least, be clear and concise about what they can have installed now and what will take more time.
If you were in a customer’s home last year installing bedroom carpet, did you see a tattered entryway or kitchen floor that might just need to be updated? Reach out to customers you’ve already had to remind them what you can do to transform their home.
How are you making the customer’s shopping experience special and, let’s just say it, pleasant? Do you offer them water? Is there a comfortable sitting area for you to talk and learn about what they are looking to accomplish? Make the customer’s time in your store a positive experience. If you are positioned on Main Street, do you encourage walk-ins? Maybe flooring was on the back burner but when finding themselves in your store, they can be motivated to make that purchase now. How do you draw the customer in from the sidewalk? This edition of FCW is our annual Main Street Issue. That space has been one of the most transformative in the last several years — during the pandemic and coming out of the pandemic. There has been a transition of stores that are successful which presents an opportunity for you.
This issue also holds our latest edition of Retail Business 101, this time focusing on the benefits and challenges of owning or leasing your building. This series has proven to be a sharp tool for growing and strengthening your business.
Stay safe. Stay inspired.