The Holiday Season is upon us! No, really, I’m not kidding. People are already searching for Christmas and Hannukah Gifts, and you, dear provider of wonderful personalized gift items, need to be prepared!
I participated in a webinar today where Symphony IRI presented their findings after surveying over 1000 consumers, and I’d like to talk about the points from that webinar that are relevant to customizers:
1) Consumers will spend less this year than they did last year
“Recession over” what? The total budget for most consumers is below $500, and 32% of all people surveyed plan to spend less on holiday gifts - partially by purchasing fewer gifts, but 15% also will spend less by making gifts themselves. For the busy person, this is where customization comes in! In comparison, a personalized gift is much more unique and thoughtful and thus more valuable than, say, a piece of jewelry.
2) Consumers will shop earlier this year, and they will care a lot about availability
Google will tell you that people search for keywords like Christmas and Holidays in August - and this study strengthens the claim that consumers go looking for holiday gifts early. The idea is that consumers don’t want to spend all of their the holiday budget all at once, so they stretch it out overtime. Keep in mind though that intention does not equal action :) A primary concern for consumers is also availability - another reason to shop early. In regards to availability, we mass customizers have an advantage -we produce on demand! But do make sure you have enough capacity to satisfy last minute orders.
3) Consumers will shop online, and they will make a holiday shopping list
Even if not everyone buys holiday gifts in September or October, they do compare prices, and they are making a list (and checking it twice). You have to be sure to be on that list! 54% of all consumers surveyed stated in the Symphony IRI study that they would purchase some of the gifts online, and that group was skewed towards the wealthier individuals of the survey.
4) Have gift cards available
Two thirds of consumers plan to give gifts cards this year. That is a huge potential for customizers, because a gift card to a design your own website is not only just giving an object, it’s also giving an experience. Creating your own stuff is actually fun - a gift card for a design your own website has a lot more value than a standard gift card. If you don’t have any gift cards yet, you might consider building that functionality.
