It’s that time of year again – the holiday season is upon us. But before you start dusting off your Christmas decorations, let’s take a moment to consider what’s going on in Aussie consumers’ minds. A recent survey by ecommerce platform Omnisend, which polled 1,000 Australians, reveals that 34% of them plan to spend less on gifts this year compared to last year. So, how can SMEs prepare for a leaner, meaner holiday shopping season this December?
Who’s on the Gift List?
First, the good news: Aussies are still shopping! According to the survey, 58% of Australians are buying gifts for their spouses (a generous lot, we must say), followed closely by parents (56%) and children (54%). And don’t forget the furry friends – 24% of respondents will even be shopping for their pets. With people still keen to give presents, businesses have plenty of opportunities, but they’ll need to think smart and adjust for more cautious spending.
The Spend Dilemma
While some Australians are feeling festive and plan to spend more (28%), a good chunk (34%) are tightening the purse strings, and 31% will be sticking to the same budget. What does this mean for SMEs? Essentially, you’ll be dealing with a shopper who’s more discerning about where their dollars go. They want value, and they want it fast.
Where Are They Shopping?
Now, the slightly less surprising (but still significant) bit of news: 52% of shoppers plan to hit up the big online marketplaces like Amazon (78%) and eBay (52%). And it’s not just the familiar faces – 37% of Aussies are heading to Temu, while 21% are choosing Shein. So, as an SME, it’s more important than ever to ensure you have a solid online presence. If you’re not on these marketplaces, now’s the time to consider it.
Tips for SMEs to Prepare for the 2024 Holiday Season
- Focus on Value – With many shoppers planning to spend less, make sure your offerings stand out by focusing on value. That doesn’t mean slashing prices – it’s about quality and meaningful gifts that make people feel they’re getting their money’s worth.
- Target the Right Groups – Aussies are buying gifts for their spouses, parents, and children, so if your products align with these categories, now’s your time to shine. Tailor your messaging to highlight the perfect gift for these key groups.
- Get Your Online Presence Sorted – With large platforms leading the charge, it’s essential to have your online shop in top form. Optimise your website, streamline the checkout process, and perhaps even get your products listed on the larger marketplaces. Convenience is key, and customers love a smooth shopping experience.
- Offer Budget-Friendly Options – 55% of shoppers in group gift exchanges stick to gifts under $30. That’s a big opportunity for businesses offering affordable, yet thoughtful, products. Bundles or discount promotions could also win over customers looking to stretch their dollars.
- Embrace Self-Gifting – 42% of shoppers admit to treating themselves during the holidays. Why not capitalise on this trend with self-gifting campaigns, offering items that are perfect for someone looking to treat themselves? After all, who doesn’t love a little holiday indulgence?
The Final Word
With Aussies spending more cautiously this holiday season, it’s crucial for SMEs to adapt. By offering value, tailoring your product selections, and ensuring your online presence is primed for success, you can still capture attention and sales in what’s bound to be a competitive market. After all, in the world of retail, it’s not about how much people spend, but how much value they find in what they buy.
