2023 Holiday Retail Sales Forecast and Tips

Halloween may have just been minutes ago, but for retail companies, it’s already time to bring in those critical holiday sales. Despite being in an inflationary economy, forecasts for holiday sales in 2023 are looking bright and merry. According to Deloitte’s 2023 holiday survey, customers plan to make the most of their gift-giving opportunities. Survey results showed consumers plan to spend an average of $1,652 this season, more than prepandemic levels. If you’re hoping to gain your share of those customer purchases, here are a few tips for preparing for 2023 holiday retail sales.

This year’s Black Friday is expected to be a significant retail event, with increased consumer spending despite the current economic challenges. As one of the most significant markers of the success of 2023 holiday retail sales, here’s what you can expect to see this year:

• Growth in online sales: Black Friday online sales have been experiencing steady growth in recent years. In 2022, global online sales reached $65.3 billion, representing a 3.5% increase from the previous year. This trend is expected to continue in 2023, with another record-setting year for online retailers.
• Rebound in in-person sales: In 2022, US in-person sales on Black Friday saw a 12% increase in consumer spending, according to Mastercard. As people become more comfortable with in-person shopping, small businesses can expect a rebound in in-store sales during Black Friday 2023.
• Importance of understanding trends: To make the most of Black Friday 2023, small businesses should pay attention to emerging trends in consumer behavior and shopping preferences. Some of the trends to look out for include higher average order value (AOV), an increase in sales from mobile devices, and fewer curbside pickups.
• Budget-conscious purchasing decisions. Because of inflation, consumers are looking forward to getting great deals during Black Friday and other holiday promotional events.

By understanding the economic outlook for 2023 holiday retail sales and staying informed about the latest trends, small businesses can effectively market their products and services to capitalize on Black Friday and other holiday shopping events.

Maximize Your 2023 Holiday Retail Sales with These Ideas:

1. Plan ahead. Most businesses begin planning for holiday sales in Q2 each year by anticipating consumer buying trends and making educated guesses about which products will be most desirable for holiday purchases and gift-giving. Savvy companies may even be able to create a desire for specific products by implementing marketing campaigns months in advance of the holiday.
2. Watch your competitors. You don’t have to do all the legwork yourself. Keep an eye on what your competitors do throughout the year to prepare. By watching advertisements, reviewing their pricing strategies, and witnessing their stock levels, you can anticipate what their holiday promotions are going to be. This is an opportunity to determine if you want to go head-to-head to compete for sales if you can present a better product and promotion, or if you’ll take a completely different route to attract your customer base.
3. Stock up. Once you decide what you’ll promote to your customers for your 2023 holiday retail sales, you must ensure you have it on hand. Shortages and shipping challenges are still rampant in the world economy, so it’s a good idea to get the product in your warehouse as soon as it is financially reasonable.
4. Run sales and promotions. Consumers seek steep discounts, flash sales, and product bundle specials during the holidays. Consider all the popular promotions to get attention to your business and products: 50% sales, BOGO promotions, free shipping offers, free samples, and more.
5. Advertise. Customers won’t use these promotions to purchase your products if they don’t know about them. Paradux Media can help you get the word out with integrated advertising campaigns using traditional and e-marketing techniques. From television, radio, and television advertisements to social media, Google Ads, and email marketing, our team will ensure your product and service offerings entice your customers during the holidays and throughout the year.
6. Examine your website. When customers search the internet for your products, do they find your business? Search engine optimization, or SEO, is all about setting up and maintaining your website so search engines can find and recommend it to internet users. SEO optimization includes good website organization, functional links, fast loading speed, viewer experience, and high-quality content. Paradux Media can manage your website to make your online footprint as strong as your physical storefront.
7. Collaborate with other small businesses. If you have a physical storefront in a downtown area or shopping center, there’s an excellent opportunity to collaborate with the other businesses around you. Consider joining forces for sidewalk sales, “Small Business Saturday” events, or other “shop local” promotions.

Achieve your retail sales goals with Paradux Media Group.

We’re experts at developing and promoting brands. Our team can work with you throughout the year to create and implement marketing strategies, resulting in incredible year-end holiday sales. At Paradux Media Group, we work closely with our clients to help them make good decisions to achieve their goals. Whether your company wants to increase brand awareness or acquire a surge in sales, we will help you select marketing strategies within your budget to get the results you desire. Contact us today to learn more about joining our flock.