What Holiday Spending Says About Changing Consumer Behaviors

A recent study found that 95% of shoppers in the US plan to shop mostly or entirely online due to COVID-19-related concerns. 71% of survey respondents reported that they have changed how they will shop, with 95% turning to online marketplaces. US consumers plan to spend an average of $374 on gifts this year, and 54% have lowered their budget by an average of 38%.MediaPost

According to Director of Brand Strategy Anne Ryan in her latest op-ed for Technical.ly Philly, ecommerce shopping skyrocketed this year after COVID-19 lockdowns, fueled by both our doomsday prepping and, of course, our need for retail therapy. According to eMarketer, advertising on ecommerce platforms jumped 39% in 2020 and will grow another 30% in 2021, capturing 13% of total U.S. digital ad spend. These statistics demonstrate our increased reliance on ecommerce, and how many recently reinforced consumer behaviors are unlikely to change next year. It takes two weeks to establish a habit, the old adage says. A pandemic year will work the same magic for new social behaviors: shopping online, cautious spending and saving, as well as working from home.

From now on, ecommerce will only become more pervasive — and it will be up to marketers and brands to revive the experience economy and retail sector in 2021. Nonetheless, Anne Ryan reminds us that no matter what industry you’re in, and no matter how much money you have, there is a way to get your product or service in consumers’ hands digitally and to take advantage of the ecommerce revolution. You might just need the right marketing partner that’s up to the task.