The 2023 holiday season is shaping up to be a mixed (gift) bag of discounts, savvy spending, and shifts in consumer behavior. As the retail industry contends with last year's lingering economic shadows, consumers in the US and Europe are grappling with the challenges of inflation and the climbing costs of everyday life. European consumers have become vigilant bargain hunters, downtrading and spending cautiously to stretch their wallets. Meanwhile, in the US, consumers are displaying mixed messages when it comes to their perspective on the economy and readiness to splurge.
As the thrifty consumer seems here to stay, 2023's holiday season marketing will be built around efforts by brands to differentiate their offerings and meet consumer priorities for value and convenience. In this challenging environment, it’s more critical than ever for brands to strengthen their connection with customers in the face of some difficult headwinds. To help navigate through the upcoming holiday marketing period, we’ve put together some key insights into the trends that will impact consumer behavior and offer up some holiday marketing strategies to help empower brands during The Most Wonderful Time Of The Year!