PI Datametrics’ “A Year in Retail” report highlights trends in consumer behaviour and its impact on year-end retail.
Despite 70% of consumers planning to spend same as during Christmas 2019 shopping season, 85% of retailers predict online sales to increase in Q4 2020, as per the report. Electrical searches increased by 65% between Q2 2019 and Q2 2020, and homeware searches increased 75% in the same period.
Purchases at supermarkets and small local business are expected to grow, as consumers are no longer travelling, and are willing to buy from online and small independent retailers. Further, a surge in self-gifting is expected among financially stable consumers.
Also, delivery expectations will be lower, as consumers better understand the impacts of COVID-19. However, demands during Black Friday could decrease, due to high-tickets items like PS5 and Xbox already being sold out.
[5 minute read]