Australians will increase spending, start shopping earlier and combine online product research with bricks-and-mortar purchases this festive season, according to a study from MiQ Australia.
More than a third of Australians (34%) are expecting to spend more this holiday season, compared to 2021, despite rising inflation, interest rates and cost-of-living expenses.
Although people are spending more money, they are buying fewer products, being more selective and doing their homework, with seven in ten people conducting product research, such as reading reviews and comparing goods, before making a purchase.
The trends are part of a report, How to Light up your Holiday Shopping Marketing Strategy, that looks at predicted global spending habits for the upcoming festive season and how marketers can tap into the data.
The report predicts a bumper holiday shopping season worldwide, with nearly half the population (46%) looking to increase their spending. While essential items remain top-of-mind with most 2022 customers (74% globally), they are also set to spend big on fashion, beauty, health and fitness, and electronics.
Jason Scott, MiQ’s APAC CEO, said: “Brands need to understand that this year, their shoppers have different budgets, priorities and shopping plans, so they need to adjust their campaigns accordingly.
“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.”
Scott said the holiday season was also set to have a significant effect on programmatic inventory, driving a 12% to 18% 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.”
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