‘Conscious consumerism’ is taking over this holiday period, marketers need to prepare
Consumer behaviour is going to be different this holiday spending season, and marketers need to prepare appropriately, according to The Trade Desk’s latest shopper research.
Thirty-two per cent of Aussies are set to spend a lot more in the fourth quarter sales period than last year, which comes as a huge relief to retailers that have experienced weak sales growth across 2023.
But marketers beware: ‘Conscious consumerism’ is set to take over, with The Trade Desk reporting that Aussie spenders are going to seek out the best value for money both online and in-store. Around 60% say they are setting budgets and sticking to them.
Retail media advertising spend has surged this year. In March, the IAB found 69% of advertisers were shifting budgets towards retail media, and two-thirds of agencies who have previously used retail media now consider it as part of their holistic media planning strategies. In June, Dentsu research found that retail media was on an upward trend. Globally, retail media has been predicted to outweigh TV ad spend within five years.
The Trade Desk reports that 60% of Aussies have already starting planning their holiday season spend, with 50% saying they intend to reduce spend on everyday items to purchase gifts.
“This upcoming holiday season is arguably one of the most pivotal in recent Australian retail history,” said The Trade Desk’s ANZ vice president, James Bayes.
“With price-conscious consumers preparing to spread their spending over an extended shopping season, it has become critical for marketers to embrace innovation more than ever,” he continued.
“It’s a gamble for advertisers to wait until the end of the season to work out whether their campaigns have worked or not,” he said. “Those advertisers that are going to win this year are the ones who can tweak campaigns on the fly, making sure budgets are going towards the right channels that have the most impact possible.”
Got a tip?
Lauren McNamara is the associate editor at Mumbrella, covering the agency beat. She joined in November 2022 as editorial assistant, after completing a Bachelor of Communications (Journalism) at UTS.
Linkedin
Have your say