The findings from Deloitte's 2024 holiday retail survey indicate that advertisers should be adapting their holiday marketing strategies to align with consumers’ growing preference for experiences over tangible goods.
The projected 8% overall increase in holiday spending is good news for the retail sector, but the standout insight is that spending on experiences is expected to grow by 16%—double the increase for goods.
For advertisers, this shift suggests several strategies:
1️⃣ Highlight Experience-Based Value: Advertisers can emphasize how their products contribute to or enhance meaningful experiences. For example, brands could focus on how items like electronics or home decor can elevate family gatherings or events, tapping into the experiential trend even for traditional goods.
2️⃣ Bundle with Experiential Offers: Pairing products with experience-oriented promotions (such as offering vouchers for dining, entertainment, or travel discounts with purchases) could make traditional goods more appealing.
3️⃣ Personalized, Memory-Centric Marketing: Crafting campaigns that appeal to nostalgia or family memories can resonate strongly during the holidays, especially when products are positioned as elements of shared experiences.
4️⃣ Targeted Experiential Advertising: Since consumers are leaning toward experience-based spending, businesses in sectors like hospitality, travel, and events should amplify their ad spend and target consumers looking for holiday-specific experiences.
5️⃣ Local and Community Engagement: Consumers might also be looking for local experiences, so brands could spotlight in-store events, community initiatives, or partnerships with local businesses, tapping into this experiential demand.
