While the sunshiny days are over and the temperature drops gradually but undoubtedly, we are approaching the best time of the year; Christmas! We all adore the good old Christmas vibes when the entire family gathers together with tenderness. It is the time to eat all together with your beloved ones. What about the wonderful feeling of unwrapping our gifts in joy? The Christmas spirit is already here, yet Christmas shoppers act differently this year.
The world has gone through a pandemic in the last two years and is still living with the aftermath. The nightmare began in 2020, and the severe trauma continued for almost two years. Online shopping rates skyrocketed as we stayed in our cosy homes under heavy regulations of quarantine. Last year’s online holiday shopping growth was around 13.5% in the United States, though the numbers are expected to go down this year. The ongoing inflation has become a grave matter even in the most wealthy countries nowadays. Now that the online spending boom is losing its power and life is much more costly, customers behave more mindfully. Let’s evaluate the main Christmas shopping trends of this year.
Indeed, online shopping is still the sine qua non for those who are looking for more affordable gifts with a plethora of choices. So it is not unforeseen that the majority of the Christmas holiday shopping will be completed through online shopping sites. Indeed, visiting kaleidoscopic and perfectly ornamented shopping malls can be a whole other experience; however, the shoppers know they can find better deals waiting for them online. It is also slightly time-consuming to shop with a few taps on your smartphone rather than roaming around in the shopping mall for hours.
As aforementioned, consumers can now discover the best deal online in seconds. There are also lots of significant sale dates that come up before Christmas. More people purchase Christmas gifts during the sale weeks, Black Friday and Cyber Monday. According to the statistics, it is likely to find discounts of up to 80% on those dates. We all know that prices go up when there is a higher demand. So it is dubious for many people to buy their gifts at a total cost at the last second. There is a recession approaching. It is tough out here!
Credit Cards are Still Popular
Credit card usage in the holiday shopping season is expected to go even higher. Credit cards have many perks, such as points, instalments and postponed payments. Thinking the financial world is passing through severe tribulations and most countries are struggling, credit cards will be used heavily this holiday season instead of debit payments.
Please note that the spending limit on your credit card is not your bank account balance, so it can be a hard candy to limit your cash flow when the bank proposes a tremendous limit equal to 5 times your monthly salary. This is what is charming about credit cards, to make you feel that you really own this money. However, these massive amounts can lead to catastrophic consequences for those who cannot pay them back as scheduled.
Our state-of-mind digital wallet, Jeton Wallet, offers a debit card, Jeton Card, for our European users. This Visa-based card will be linked to your mobile application, which is hassle-free and swift to monitor your entire transaction history through a few clicks. Thus, indeed, a debit card like our card with a limited amount can be a life saviour to have complete control over your spending habits.
Classics Are In
Due to the latest sustainability movements and the increasing prices in fashion stores, customers are locomoting to investing in more long-lasting and high-quality items rather than purchasing trendy ones. Trends come and go, while classics always look classy and refined. So this year, it is foreseen that customers will buy timeless pieces in fewer quantities than many fast-fashion objects.
Social Media Rules
Classic pieces might be in, but social media still heavily influences our taste. Even when shopping slowly and making clever judgments about our spending rituals, we resume adding new products to our wishlists that we notice on social media platforms. Influencers persist in influencing, and multiple brands have already learned to take advantage of this attitude of consumers. Especially, Gen Z shoppers are selecting their gifts from social media crazes.
Not Everyone Gets a Gift
Since the living expense raised in every aspect and the wages are not catching up, there will be fewer gifts this year. According to the latest research on shopper tendencies in 2022, people are purchasing gifts for only close friends and family, so do not expect any gifts from your co-workers. Holiday budgets are expected to be descending this year, and the rising prices do not soothe the situation.
Better Customer Service
We live in ever-evolving times where communication is much swifter, and customer representatives of brands are desired to be more convenient. But, accessibility is not enough. Customers expect the trademarks to be more observant and solution-oriented. So the better customer service a brand furnishes, the more loyal customers it earns. People like to feel esteemed and get their money’s worth. There are numerous options on the market to pick from. It is not challenging for customers to switch to another brand with better customer service.
Overall, this year’s holiday shopping trends are quite distinguishable from the last couple of years. This year, the budgets are tight, and prices have increased highly. Customers are compelled to make wiser judgments while shopping. They are stalking for bargains and buying fewer gifts. Since spending practices are slowly adjusting, more people are anticipated to start investing in high-quality items rather than gifts that are low in quality and high in quantity.
Credit cards are still in use, and sadly, credit card debts are piling up due to the state of the global economy. A more uneventful shopping season is coming up, but this is not necessarily bad. Regardless of the state of the economy, holidays have always been bliss and will always be because happiness is not a state of life but a state of mind.
Merry Christmas, Everyone! As Jeton Wallet family, we wish you hope, peace and lots of Christmas cookies this holiday season!