Unwrapping the Results: Lab42's Holiday Shopping Predictions Meet Reality
Back in September 2023, Lab42 conducted research to get an idea of what the holiday shopping season would have in store. And we're happy to report our data-backed predictions were largely reflected in reality. Here's how our insights matched up with the actual outcomes:
Early Bird Gets the Worm: We forecasted that shoppers would start early, and indeed, Deloitte confirmed a significant shift towards earlier shopping, leveraging both digital and hybrid channels over traditional in-store experiences.
Spending Wisely: Our anticipation that consumers would tighten their belts was on point. McKinsey revealed that 79% of shoppers altered their habits, seeking budget-friendly options or skipping purchases.
Online vs. In-Store: Our bet on a balanced approach between digital and physical stores was validated, with a notable online shopping spike during Thanksgiving, as reported by Deloitte and Salesforce, yet 85% of consumers still ventured in-store for at least one purchase.
Influencer Impact: Despite rising influencer culture, our findings on their limited influence on purchasing decisions were echoed by McKinsey, emphasizing the role of social media more as a discovery channel rather than a direct sales avenue.
Gift Research Tactics: The blend of old-school and modern gift research methods we predicted was spot-on. Consumers heavily relied on retailer websites, apps, and in-store browsing, according to McKinsey.
Sales Growth Exceeds Expectations: Surpassing our cautious optimism, the NRF reported a 3.8% sales increase, reaching $964.4 billion, indicating a robust holiday season.
Lab42 Takeaways
Our 2023 holiday shopping season research successfully captured consumer sentiments, with our predictions closely aligning with actual trends. We observed early shopping behavior, cautious spending, a mix of online and in-store shopping preferences, limited influencer impact, and a resilient market, being validated by studies conducted by both McKinsey and Deloitte.
As we look forward, Lab42 remains committed to delivering insightful research that helps businesses stay ahead of the curve without requiring a huge investment of time or cost.
Interested in learning more about how we conduct our research? You can schedule a capabilities call by clicking on this link.
