As the holiday season approaches, consumers are increasingly mindful of their spending habits, influenced significantly by rising inflation. Ed Hallen, Chief Product Officer and co-founder of Klaviyo, a retail marketing automation platform, recently shared insights on consumer sentiment regarding holiday shopping in an interview with Alexandra Canal on Wealth!
Hallen noted that while shoppers are prepared to maintain or even increase their holiday expenditures this year, they are more focused than ever on pricing and finding discounts. “What we’re seeing is that customers are really feeling inflation. They are allocating more funds towards essentials but still expect to spend on holidays,” he explained. “However, they are prioritizing value and actively seeking out the best deals.”
To maximize their holiday budgets, Hallen advises shoppers to engage directly with brands to stay informed about promotions. “It varies by brand, but consumers should explore different ways to connect, whether through in-store visits, email newsletters, or SMS updates. Brands have various strategies for offering discounts, and shoppers should take advantage of these channels,” he stated.
Additionally, Hallen highlighted the influence of social media on purchasing decisions, particularly platforms like TikTok and Instagram, where trends can sway consumer behavior. This trend may prompt brands to adapt their marketing strategies to capture the attention of consumers looking for the latest deals.
For more insights and to stay updated on market trends, viewers can catch the full episode of Wealth!
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