The McKinsey Podcast
Holiday shopping: Consumer savvy and retailer responses
Dec 14, 2023
McKinsey partners, Colleen Baum and Tamara Charm, discuss US consumers' holiday shopping behaviors and expectations. They emphasize the importance of personalized promotions, same-day delivery, and 'buy now, pay later' plans for capturing cautious consumers' spending. The podcast explores extended holiday seasons, trading down behaviors, the role of technology in personalization, delivery dynamics, and creating fun shopping experiences.
23:18
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Quick takeaways
- Retailers that offer personalized promotions, same-day delivery, and “buy now, pay later” plans are more likely to capture cautious consumers’ holiday spending.
- Retailers are investing in data analytics and AI to drive personalization across the shopping journey and improve fulfillment efficiency.
Deep dives
Shift in Consumer Behavior and Shopping Habits
Consumers are trading down even more this holiday season, despite being in decent financial shape. The average consumer is seeking deals and holding out for better prices. Some consumers are shopping earlier, while others are waiting for better deals later in the season. There has been a shift towards experiences and self-care in consumer spending, especially before the holidays. Younger consumers are leading in new shopping behaviors, such as same-day delivery and buy now, pay later options.
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