Brett Beveridge, CEO and founder of The Revenue Optimization Companies, shares 2024 holiday season retail predictions
MIAMI, FL / ACCESSWIRE / November 4, 2024 / Brett Beveridge, CEO and founder of The Revenue Optimization Companies (T-ROC Global), predicts an increase in consumer holiday spending and shares predictions for the 2024 retail holiday season. As a leading provider of people and technology solutions, T-ROC focuses on meaningful ways to accelerate sales, grow brand recognition, and win market share growth in the global retail market.
As the holidays approach, factors contributing to sales will be the consumer's deal-hunting mindset, looking for meaningful ways to budget, and a shorter buying window from Thanksgiving to Christmas.
The National Retail Federation projects spending will increase by 2.5% to possibly 3.5% compared to last year. A September survey of 4,000 consumers by Deloitte states: "shoppers expect to spend an average of $1,778 on the holidays-an increase of 8% over last year." Eighty percent of shoppers surveyed said they will participate in deals offered in October and November, an amazing 61% increase from last year.
"The U.S. economy has maintained solid growth, even in this quarter as we head in to a contentious presidential election," says Brett Beveridge, CEO and Founder of T-ROC. "I fully expect this holiday season to follow suit and foresee a very active promotional environment, with deals across more brands and categories of product than a year ago."
Retailers will continue to enhance a seamless transition between in-store and online shopping that includes improved click-and-collect options and better in-store technology. In addition, personalized AI will provide advanced data analytics from personalized, improved shopping experiences to customized marketing strategies.
"Shopping directly through social media will also expand, as brands will be leveraging influencers and social ads to drive their sales," said Beveridge. "In addition to AI, retailers now have access to AR which allows them to invest in technologies to enhance product visualization and allow consumers to ‘try before they buy' in a virtual space."
An increase in the senior population throughout the country presents retailers with opportunities to cater to health-conscious consumers and promote new products that promote well-being and mental health. Also, brands will continue to prioritize diversity and inclusion in its product offerings, marketing, and hiring practices to make sure they resonate with a broader customer base.
To learn more about The Revenue Optimization Companies (T-ROC), visit www.trocglobal.com. Follow T-ROC on Twitter, Facebook, Instagram and LinkedIn.
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About The Revenue Optimization Companies (T-ROC Global)
T-ROC is a retail branding and consulting partner that supports companies in navigating through today's retail shopping experience, redefining the power of people and technology. T-ROC offers a unique combination of people-based services, applications, technology management, mystery shopping programs, actionable market research and competitive insights that support the complex needs of assisted selling. T-ROC's expertise and next-generation technology is delivered by a team that's all in to drive sales, optimize performance and deliver measurable ROI for businesses every single day.
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SOURCE: T-ROC Global
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