In December 2020, many have decided to cut back on holiday gift spending and shop exclusively online. Thankfully for retailers this year, even though there are still health restrictions in place, consumers are eager to go to stores for the holidays. They also want to spoil their loved ones more!
Canadians Spending More During Christmas 2021
A recent holiday shopping study by Deloitte shows that Canadian consumers plan to spend approximately 1,841 $ for the 2021 holiday season, a 31% increase from 2020. The projected spending is 8% higher than it was in 2019, before the pandemic! The 2021 holidays are shaping up to pay off for the retail sector.
Consumers are Looking for Convenience and Ease
44% of consumers want to be able to buy all their gifts in one shopping trip, while 38% look for places that have everything in one single retailer. If your retail location has a flexible return policy, all the better: 70% of consumers prefer retailers that do rather than those that offer low prices (56%).
7 Reasons Why Consumers Would Try a New Retailer
Want to attract new (and more) customers? Deloitte’s study identified the following factors as points of interest to them:
- 63%: lower prices
- 51%: free shipping
- 39%: recommendation of a new place or way to shop by a friend or family member
- 38%: wider selection
- 38%: unique or individualized product
- 32%: new or different types of products or services
- 32%: positive store or site reviews
The 2021 holiday season has much to look forward to… even until December 24th for the late shoppers! But one thing is for sure: the businesses that will stand out the most in the next few years will undoubtedly be those that manage to provide a positive experience both online and in-store.
Retailers: Protect yourself Properly
Consumer shopping expectations are important, but so is the overall protection of your business. If you are looking for insurance designed exclusively for retail businesses in case of fire, water damage, theft, vandalism or a comprehensive policy, consult one of our advisors. They will help you protect your business!
