Australians are set to start their shopping earlier this Christmas and spend more money on their purchases, according to new MiQ report How to Light up your Holiday Shopping Marketing Strategy.
More than a third of Australians (34 per cent) say they will spend more this holiday season, compared to 2021, however, they are buying fewer products and are more selective. Also, seven in 10 people conduct product research such as reading reviews and comparing goods, before making a purchase.
MiQ APAC CEO, Jason Scott, says meeting customers in the moment would be critical to a successful holiday shopping campaign, along with implementing solid frameworks for measuring success.
“Brands need to understand that this year their shoppers have different budgets, priorities and shopping plans, so they need to adjust their campaigns accordingly,” he explains.
“Timelines are changing too—people are shopping earlier to try and overcome supply chain issues and cost-of-living pressures, and they’re doing more research, so campaigns need to start earlier and tap into that user demand for information.”
For brands looking to increase their ROI and engage new audiences this holiday season, omnichannel shopping options remain critical. Four in 10 customers are continuing to toggle between online and offline shopping platforms, with trends like click and collect and research online, buy in-store driving hybrid shopping behaviours and a predicted surge in physical shopping closer to Christmas.
Scott says the holiday season is also set to have a significant effect on programmatic inventory, driving a 12 to 18 per cent uptick in average CPM levels, compared to the rest of the year.
“CPMs are high, especially during the last two weeks of November, as businesses undertake last-minute bids to engage online shopping audiences. Emerging channels such as CTV and DOOH are likely to have less competition compared to traditional digital inventory. We’re also expecting a big jump in CPM levels on mobiles, especially on in-app programs, this holiday period,” he adds.
