New Suzy Research Shows Brands Will Need to Shift Strategies to Meet Consumer Preferences this Holiday Season
NEW YORK (Oct. 22) -- Suzy, a real-time market research platform, today announced its new research report, “State of the Consumer: 'Tis the Season for Uncertainty,” revealing data about holiday shopping, travel and anticipated consumer spending amid the COVID-19 pandemic. The report found that Americans will rely on virtual connections during the holidays and shift gift giving strategies, meaning brands will have to plan accordingly.
Less travel and turkey this Thanksgiving for most
Due to continued social distancing guidelines, many Americans are changing their traditional plans, including how and where they will travel during the holidays. Suzy’s research revealed that 75% of young adults do not plan to travel during Thanksgiving and more than one-third of overall respondents (38%) are still undecided about their December holiday plans.
While some will try to visit family and friends in-person this Thanksgiving, Suzy found that the majority of respondents have significantly changed their plans. In fact, only 10% either plan to host or attend a Friendsgiving and only about half (53%) will cook a turkey this year.
Additionally, indicating major changes for the airline and auto rental industries, respondents are shifting their travel habits:
- 86% of those who do intend to travel for Thanksgiving are only visiting family, and 71% of those are electing to travel by car.
- Apprehension remains for public transportation, as only 17% plan to fly, 8% will rely on bus transportation and 3% will take a train for their holiday travel.
- Zero percent of people aged 60 to 72 years old plan to travel by plane.
- 29% plan to attend a virtual family event.
“Our research shows that major brands are going to have to adjust their advertising, promotions and sales strategies this holiday season to meet consumer demand and expectations,” said Suzy President Avi Savar. “The holidays are a critical time for brands every year, but this year is especially high-stakes for retailers due to market fluctuations associated with the COVID-19 pandemic.”
Uncertainty looms around holiday shopping
According to Suzy research, holiday shopping plans are still in major flux as consumers aren’t sure how much they will spend this year. In fact, according to Suzy research:
- 38% are not sure how much they will spend on Black Friday/Cyber Monday, while 22% plan to spend less on Black Friday/Cyber Monday.
- 12% plan to spend more on Black Friday/Cyber Monday.
- 32% plan to shop on Black Friday, versus 63% of people who shopped during Black Friday in 2019.
- 53% are either unsure how much they will spend or plan to spend less on gift giving this holiday season.
- 65% think it is most important to buy gifts for their kids; 61% are prioritizing buying gifts for their significant other.
“Based on our research, it appears that long distance gifting and care packages will become a reality, as people ship presents to loved ones that they cannot be with in person. Brands must change their strategies accordingly to meet these gift giving needs,” added Savar. “Additionally, consumers will be looking to their most frequently shopped retailers to offer deep promotions and discounts to make the holidays a little easier on their psyche and wallets.”
A complete State of the Consumer: 'Tis the Season for Uncertainty report is available upon request.
About the State of the Consumer: 'Tis the Season for Uncertainty:
Suzy’s State of the Consumer: 'Tis the Season for Uncertainty study surveyed 1,000 U.S. consumers in September 2020. The samples are directionally representative of U.S. consumers and census-weighted across age, gender, ethnicity, and region to accurately reflect attitudes across the broader American consumer population.
Founded in 2017, Suzy is an enterprise software platform that puts the voice of the consumer at your fingertips. Whether you’re a novice or an expert researcher, Suzy delivers advanced tools combined with the highest-quality audience to deliver insights in minutes. Many of the biggest brands in the world use Suzy to deliver breakthrough products and experiences backed by data-driven decisions. To date, Suzy has raised over $35MM in venture capital funding from investors that include Bertelsmann Digital Media Investments, Foundry Group, Tribeca Venture Partners, Triangle Peak Partners, and Kevin Durant’s 35 Ventures. Learn more at www.suzy.com.
View source version on newsdirect.com: https://newsdirect.com/news/new-suzy-research-shows-brands-will-need-to-shift-strategies-to-meet-consumer-preferences-this-holiday-season-148969976.html
© 2020 News Direct Corp. All rights reserved.