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Episode 3: Holiday Season Buying Trends




Announcer: Welcome to this episode of “60-second Retail” - a BDO podcast keeping you in-the-know on events and trends in retail and consumer products industry impacting your bottom line, in just a few short minutes.

Natalie: Hello, my name is Natalie Kotlyar. I am the National Leader of the Retail and Consumer Products industry group at BDO USA.  In this episode I would like to cover the overall buying trends and how retailers can get ready for this holiday season.

With stay-at-home orders, store closures, and the accelerated rise of e-commerce, it is more than likely that the preferred channels for holiday shopping will be those that are sanitary and contactless.

Retailers should focus on how they can support people’s new daily routines. If they don’t sell traditional big-ticket items, such as electronics and home fitness equipment, they should consider how to incorporate smaller-ticket items, like activewear, home goods and other lifestyle items.

The same goes for rethinking how consumers might look to splurge this holiday season. While in recent years, millennials prioritized experiences over material items, retailers may see a return of those dollars to product-buying.

With travel more restricted and less consumers willing/able to take a vacation, retailers may be able to capitalize on items that improve the at-home experience and create a staycation-like environment.

For example, over the summer there was a strong uptick in demand for above ground pools in place of trips to community pools and beaches.

Retailers will need to be able to support their e-commerce customers from initial search and browsing through to delivery on both the front and back- end. Any potential customer service issues have to be addressed immediately.

They should also be prepared to provide an optimal experience for customers that are willing to shop in physical stores.

In conclusion, we see the trend of purchasing tangible products coming back for this holiday season.  The key to winning over the customer will be a seamless ecommerce experience and providing a safe and comfortable experience inside the store.

Announcer: And that concludes this episode of BDO’s “60-second Retail” podcast.  Don’t forget to tune in for the next episode!  To find more information on our hosts, guests, BDO’s services, or listen to previous episodes of “60-second Retail”, please visit www.bdo.com/60-second-retail.

 

 
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