Recently, there has been a noticeable change in consumer behavior driven by evolving expectations, shifting retail channel preferences, and varying brand shopping habits.
From this disruption, three noteworthy emerging trends have surfaced: social media commerce, in-car commerce, and gaming commerce.
This week, we dive into how these trends are reshaping the shopping experience for consumers and why this Easter season serves as an indicator of what to expect during the upcoming holiday season.
Today’s Rundown
Paradigm shift: How discount stores are carrying the retail sector.
March Madness: UK retail sales stabilize in March after 10 months of decline.
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Retail economic indicators
For the second year in a row, Shoppers are once again increasing their spending for Easter, with discount stores and department stores experiencing the highest foot traffic.
Consumer spending is expected to reach a total of $22.4 billion on Easter this year, according to the annual survey by the National Retail Federation and Prosper Insights & Analytics.
A majority of Americans (81%) plan to celebrate the holiday in 2024, the same as last year. They plan to spend an average of $177.06 per person, the third highest per-person spend in the survey’s history, after $192.01 last year and $179.70 in 2021.
The primary destinations for purchasing Easter gifts include discount stores (53%), followed by department stores (40%), online platforms (33%), local/small businesses (22%), and specialty stores (20%).
Moreover, over half (55%) of those not observing Easter still intend to capitalize on holiday-related sales. They anticipate spending an average of $20.52 per person, amounting to a total of $0.62 billion on such items.
Social Media, In-Car And Gaming
We are currently experiencing a period of significant disruption, characterized by substantial shifts such as economic instability and cutting-edge innovations, which are reshaping traditional distribution channels and impacting businesses.
Three new emerging trends that have emerged from this disruption are social media commerce, in-car commerce, and gaming commerce.
Social commerce includes clicking a link on a social network that leads to a retailer’s product page with an immediate purchase option. According to a recent report, 46% of Gen-Z consumers purchased a product via social media platforms.
In-car commerce is the use of technology to entice individuals to shop and pay for services and goods, all while in the comfort of the driver’s seat. Research shows that in-vehicle payment value could hit $86 billion in less than five years, and by 2030, the market could be worth more than $625 billion.
Lastly, gaming commerce is the buying and selling of goods and services within a gaming environment. Video games have already adopted the trend of microtransactions, which are game-relevant add-ons within the gaming experience. With a similar trajectory to social commerce, gaming commerce is projected to reach $20.7 billion by 2032.
Retail Trends
Paradigm shift: How discount stores are carrying the retail sector.
March madness: UK retail sales stabilize in March after 10 months of decline.
Dynamic shoppers: Secondhand clothing on track to take 10% of global fashion sales.
Random Irrelevance
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Can’t miss: Scientists invent the World’s fastest camera that shoots 156.3 trillion frames per second.
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