As the holiday shopping season reaches its peak, Gartner's 2023 Holiday Marketing Guide for Retail suggests businesses focus on inclusivity and ESG (environmental, social and governance) achievements rather than price. Inflation is a major concern for consumers, with 55% saying it will have a significant impact on their holiday spending, and 67% planning to buy items on sale. A Trustpilot survey found that 1 in 3 Americans are considering going into credit card debt to purchase holiday gifts this year. Gartner's research indicates only 9% of U.S. consumers will increase their holiday spending this year.
Including inclusivity and a brand's ESG accomplishments in marketing campaigns can be a differentiator this year, as 43% of Gen Z and 41% of millennial respondents say what a brand stands for factors into their purchase decision. Moreover, 13% of all winter holiday shoppers said an ESG stance was the most important factor when selecting a gift. Exposure to inclusive ads has also been shown to positively change consumers' attitudes and behaviours towards a brand, with 38% saying their attitude had changed for the better.
Gartner acknowledges that pricing should still be an important part of holiday campaigns, and suggests that companies conduct a quick survey to understand potential reactions to a brand's socio-political stances. They also recommend extending existing ESG efforts, preparing a communication and executive escalation plan, and ensuring that an overarching strategy is in place to identify what the brand stands for. By following these steps, businesses can ensure their holiday campaigns are successful while staying true to their values.
Originally reported by Martech: https://martech.org/new-gartner-report-challenges-conventional-wisdom-on-holiday-marketing/
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