How Can Retailers Adapt to Holiday Spending Trends in 2024?

Discover strategies for attracting customers, managing inventory, and optimizing the shopping experience this holiday season.

November 08, 2024

📢 Hello, Retailist Roundup readers! As the weekend approaches, let’s dive into the latest buzz in retail and e-commerce!

News from Retailist

How Retailers Can Adapt to Holiday Spending Trends in 2024

The holiday season often brings a surge in customer inquiries and returns, and retailers must be prepared to handle this influx. Providing responsive, efficient customer service — whether through online chat, email or in-store assistance — will enhance the overall shopping experience and reduce friction.

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In the news: Top headlines this week

Steven Madden to cut sourcing from China on tariff worries under Trump. Steven Madden executives announced they are accelerating efforts to shift product sourcing from China to other countries in response to potential tariffs exceeding 60% if Donald Trump returns to office. The company has been preparing for this scenario by developing factory bases in Cambodia, Vietnam, Mexico, and Brazil. [Reuters]

Food companies sell products that are less healthy in poorer countries, says report. A new report by the Access to Nutrition Initiative (ATNI) reveals that major food and beverage companies, such as Nestle, Pepsico, and Unilever, tend to sell less healthy products in low-income countries compared to high-income ones. This assessment is part of ATNI's global nutrition index, the first since 2021. [Reuters]

27% of shoppers will switch retailers, abandon purchase if they come across locked-up products: report. A survey by Numerator found that 60% of in-store shoppers frequently encounter locked-up merchandise, with 27% saying they would shop elsewhere or abandon their purchase when faced with it. Meanwhile, 62% would wait for employee assistance. Notably, those unwilling to wait spend 21% of their dollars online, compared to 18% for those who wait. [Retail Dive]

As Trump rises again, so too might inflation. Analyst reports suggest that a second Trump administration could bring significant volatility for retailers. GlobalData's Neil Saunders notes that while a Trump victory offers both potential benefits and drawbacks, it introduces considerable uncertainty. Tariffs are a major concern, as new import levies could drive inflation if retailers raise prices to offset increased costs. [Retail Dive]

E.l.f. shares soar as cosmetics retailer raises guidance after posting 40% sales gain. E.l.f. Beauty reported a 40% sales increase in its second fiscal quarter, prompting the company to raise its full-year earnings and sales forecast. CEO Tarang Amin highlighted that E.l.f. is the leading brand among Gen Z, Gen Alpha, and millennials. Amin also expressed confidence in the company’s ability to handle potential increased tariffs under a Trump administration. [CNBC]

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Retailist Magazine is an outlet focused on modern commerce as it relates to digital innovation. The publication examines our culture’s ever-evolving relationship with marketing, commerce and traditional retail. Our goal is to connect our audience to quality content and award programs for retail brands to tell their story of innovation.

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