The average shopper has raised their holiday shopping budget by over 30% from 2023, according to JLL’s Holiday Shopping Report, as retailers and brands kick off their Black Friday promotions and deals. Due to Thanksgiving falling on a later date this year, there are actually five fewer shopping days until Christmas than compared to last year.
Julie Hyman and Brian Sozzi welcome JLL (JLL) Americas President of Retail Naveen Jaggi on Catalysts to talk about in-person shopping trends forecasted for this holiday season.
“With all the promotions we’re seeing online, on our phone and on our tablets, people now have an incentive to go to the store more than ever. And we’re still a consumer that likes to go shopping in person,” Jaggi explains, stating that the more value-conscious consumer will be able to find these better deals at big-box stores like Walmart (WMT) and Target (TGT).
He goes on to comment on the experiential trends seen on social media steering shoppers into brick-and-mortar locations.
“We talk a lot about dwell time… So we want now the consumer to not just shop, but we want them to stay a while,” Jaggi tells Yahoo Finance. “So it has to be very, very appealing for the Instagram moment or the TikTok moment, and not as much about the bargain, because as we’ve seen over the last two years, consumers more than ever today, they want that experiential opportunity as opposed to just finding the best price.”
To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
This post was written by Luke Carberry Mogan.
