The Evolution of Last-Minute Shopping and the Financial Impact of Early Christmas Spending in 2023
Traditionally, last-minute shoppers have been synonymous with the adrenaline-fueled dash for gifts in the final week before Christmas. However, this last-minute shopping rush is undergoing transformation and this year’s last-minute shoppers are navigating a unique set of challenges.
Consumer behaviours are adapting to the financial realities they face. Stubborn inflation, escalating interest rates, and a reduction in spending power have prompted many Brits to reevaluate their approach to Christmas spending. A notable trend has emerged – consumers recognize the financial benefits of getting ahead with their Christmas shopping.
As we delve into the post-holiday season, it’s crucial for businesses and site owners to analyse the festive month of December. Understanding the distribution of visits across different locations can provide valuable insights into user behaviour and preferences.
In this article, we’ll break down the demographic profile of visitors from a selection of retail places across the UK, based on percentage of total visits. This data is taken from TERAIN using its unique MOSAIC feature. Let’s compare the data of the week before Christmas (Monday 18th - Sunday 24th) versus December as a whole and understand if last minute Christmas shoppers made any major impact on these locations.
As we take a closer look into the data, many of the visits come from family groups that are under ‘Domestic Success’, ‘Aspiring Homemakers’ and ‘Family Basics’ which suggests that there is a greater emphasis on leisure activities with children or possibly other friends, as these groups tend to shop online. Additionally, there’s a varied level of affluence across the three – all three groups exhibiting stable visit patterns across the festive period suggests a financial prudence in spreading their shopping (and therefore expenditure) throughout; we have mentioned throughout this festive series.
A large share of visits from the ‘Rental Hubs’ category also suggests a focus on leisure, especially F+B, as these groups tend to shop online and visit retail destinations for their leisure offering. None of these profiles would suggest a massive late-Christmas rush to get shopping done, so visits have stayed high and the profile has remained the same.
Looking ahead to the intricate landscape of holiday shopping in 2024, the last-minute shopper’s profile is intertwined with a broader narrative of financial prudence and strategic planning.
The analysis of the demographic data across various geolocations provides valuable insights for businesses and site owners. Understanding the fluctuations in traffic during the week before Christmas compared to the entire month helps in refining strategies and catering to the preferences of different audience segments. As we move forward, leveraging this data can contribute to more targeted and effective approaches in content creation, marketing, and sales.
Our Festive series this year started with deep analysis of past year’s data providing some predictions that we will further compare with real time data. Click here to read more about our Festive Series…