Marketing Insight Holiday Trends 2022

Marketing Insight: Holiday Trends

Holiday Shopping Season 2022: Trend Update

Much like large retailers with holiday sales, we are starting our holiday season trend reporting early this year! With extensive shopping events like Prime Day and other major retailers already boasting early Black Friday specials. Financial institutions need to keep tabs on these key spending themes for the 2022 holiday season as shoppers spend the next few months giving their finances the biggest shock of the year

Many Shoppers are Starting Early

Although it’s not Halloween yet, the holiday shopping season has begun! With 40% of consumers preferring to shop before any Thanksgiving weekend shopping events, starting holiday credit card or loan campaigns now is essential. This will ensure that early-bird shoppers can acquire the financing they need to get their shopping done early and those that need it by Thanksgiving weekend are too.

Source (Data): pwc.com, 2022

Online Shopping Stabilizes

While holiday shopping online spiked at the height of the pandemic, it is expected to remain stable during 2022. After the boom in online shopping in 2020, the percentage of consumers planning to shop online remains at 57%, the same as in 2021. With most shoppers doing business online, taking advantage of the increased online traffic this time of year is essential. Be sure to maintain an effective presence on social media and use search engine advertising to pull in holiday shoppers who need additional financing or guidance.

Debit Cards Reign Supreme

Debit cards reign as the top preferred payment method for the 2022 holiday season, and credit cards fall close behind. As various contactless payment options arise, cash continues to slip lower in the rankings from being the top payment choice by 80% of consumers in 2015. It’s also important to note that buy now, pay later platforms are on the rise, jumping from only 5% in 2021 to 13% in 2022. The rising preference for debit and credit cards means that reminding new and current customers why your cards stand out from the crowd is very important to increase your wallet share. For example, highlight any cards that may offer a rewards program, convenient digital services, or competitive rates to increase conversions to these products.

Source (Data): pwc.com, 2022

Millennials Will Be the Biggest Spenders

Standing out from the crowd, millennials will be the big spenders this year! With an average budget 27% higher than other consumers, many have recently traded up for higher-paying roles in a job-seekers market. It’s more important than ever to ensure you put initiatives in place to reach this younger audience. Offering them additional financing options on platforms they use, such as Instagram and YouTube, to support their larger budgets will draw them to your institution.

The Comeback of Holiday Air Travel

Air travel during the holidays is making a comeback! As anxiety surrounding the pandemic slows, holiday travelers are returning to airports, with almost half of holiday travelers - 57% planning to fly during the 2022 holiday season. Providing these customers with the tools they need to remove as much stress as possible from their holiday travels is essential. From providing any additional financing to cover extra travel expenses to reminders regarding any account or travel alerts to keep tabs on accounts is a great way to keep customers committed to the convenience of banking with your institution

Source (Data): pwc.com, 2022

Gearing up for the peak of the 2022 holiday season? Strategis is a full-service marketing agency developing strategies proven to increase (ROI) through a wide range of methods. Contact us today!

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