Holidays 2024 Installment 4: Megan Hastings Predicts the Spending Future
Megan Hastings is Head of Customer Insight Strategy at Quantum Metric. The company specializes in analyzing the customer journey. And, as we know, that journey includes lots of retail visits for holiday gifting this time of year! And, according to Hastings, lots of visits to that mobile screen!
Here’s the latest in our Holiday Predictions series.
What is your #1 prediction for holiday shopping season?
“E-commerce, especially mobile shopping, continues to expand and will likely lead the charge for this year’s holiday shopping season. In 2024, our data shows that 60% of all online retail purchases are made on a mobile device, a trend expected to persist. Retailers need to optimize their mobile experiences to capture last-minute buyers, who are focusing more on affordability due to ongoing inflation in today’s economy. Consumers are cautious about making the wrong purchase, and demand for discounts remains strong.”
What will people be buying?
“Electronics will be a major category, with strong demand for products like the iPhone 16, Google Pixel 9, and gaming consoles. Other popular items are Bluetooth speakers, headphones, and kitchen gadgets. However, many people, especially millennials and Gen Z, prioritize creating memories and meaningful moments over accumulating physical possessions, particularly during the holiday season. Retailers have responded by offering gift packages focused on experiences—such as gift cards for events, dining, activities, classes, or vacations—allowing consumers to give unique, tailored experiences during the holidays.”
How will marketers and brands up their game this year?
“Advanced technologies and tools are being leveraged to help marketers and brands up their game. For example, brands are using AI to offer personalized product recommendations, dynamic pricing, and customized promotions. Predictive analytics are also helping brands anticipate customer needs and send timely offers. Aside from these technical measures, marketers will need to pivot their strategies to reflect evolving consumer sentiments and purchasing patterns. Sustainability is becoming increasingly important, with consumers leaning towards brands offering eco-friendly products and practices. Additionally, mobile shopping and buy-now, pay-later (BNPL) options will play a significant role, particularly among Gen Z consumers, who are likely to shop via social media. Ultimately, brands will have to meet shoppers where they are across mobile platforms, websites and apps and ensure a stellar customer experience without disruptions, as our data has found that 43% of consumers experience errors on mobile that cause inaccuracies or roadblocks in their shopping journeys.”
How will AI and other technologies impact the shopping process?
“These three ways:”
- Customer Experience: AI chatbots and virtual assistants offer real-time support, helping shoppers navigate the digital experience.
- Personalization: AI helps deliver personalized recommendations and offers based on browsing behavior and purchase history, increasing conversion rates.
- Inventory Management: AI improves supply chain and operational efficiency, ensuring products are available in the right place, at the right time.”
What are YOU asking “Santa” for this year or expecting to find by the candles at your holiday celebration?
“This may sound a little Scrooge-like, but my family has a no-gift policy for the adults, as we all dislike clutter and accumulating things that may not be used. However, this year, my husband, bonus daughter, and I recently moved into a home that we remodeled over the last year. And if anyone in the universe wants to give a gift to us, I’m asking for gift cards to CB2 and West Elm to add cohesive finishing touches to our home.”
