MiQ has released a new study show that Aussies are set to spend more and spend big this Christmas season. Marketers will need to adapt campaigns accordingly for the surge.
For the 2022 silly season, brands will need to prioritise omnichannel experiences, campaign cross-connectivity and measurement. For Australians, shopping is going to start a lot earlier and will involve more brick-and-mortar purchases this year.
Is your campaign strategy ready for Aussies set to spend more?
MiQ has predicted that more than a third of Australians (34 percent) are expected to spend more this holiday season. Although we are facing inflation, interest rates rising and the general cost-of-living increasing, Aussies are ready to dig deep. And, they’re doing their homework. Seven in 10 people will conduct product research that includes reading reviews before making a purchase.
The report, How to Light up your Holiday Shopping Strategy, has released trends that will cover peak seasons from Black Friday to Boxing Day. It predicts a bumper holiday season worldwide, with nearly 50 percent of the globe looking to increase spending. Where will the money be going? Fashion, beauty, health and fitness, and electronics will take the lionshare.
For brands, this is the chance to engage new audiences. How? Omnichannel marketing will be crucial. Four in ten customers are continuing to toggle between online and offline shopping platforms. Trends such as “click and collect” drive hybrid shopping behaviours and can bring consumers into the stores.
MiQ APAC CEO, Jason Scott said meeting customers in the moment would be critical to a successful holiday shopping campaign. This should be done 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,” says Scott.
“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.”
Marketers should look at a measurement framework that connects campaign KPIs with actual business impact, the report says, investing in future-proof measurement plans now for long-term success.
Scott said the holiday season was also set to have a significant effect on programmatic inventory, driving a 12 percent to 18 percent uptick in average CPM levels, compared to the rest of the year.
Make sure that your marketing plan is suited to consumer’s behaviours, as they develop and change over time.