November 4, 2015
Halloween wasn’t even finished before stores started putting up their holiday displays. While this may be frustrating to last-minute candy shoppers (cough, cough – she says), there’s good reason behind this. For many retailers – brick and mortar and online – the holidays can bring with it a huge bump in revenues. This isn’t just for the large folks, but independent artisans can also experience these same good holiday tidings. Even businesses like food trucks and caterers, who may not have a product that can be sold on a shelf or shipped, can find haggard, holiday-weary, consumers turning to them for sustenance.
With so much riding on the holidays, everyone’s looking for that magical answer of what the holidays will bring. Will consumers be opening up their wallets this year or holding them close. Many economic experts are predicting a tepid holiday season. The National Retail Foundation, for example, released their predictions that holiday sales would be up 3.7% which is lower than what they predicted last year. The reasons for their veiled optimism are concerns around China’s economy and slow economic growth here in the US. Some argue that with gas prices so low, those ‘savings’ may be turned into holiday gifts but other economists feel that those savings will be held onto tight by consumers who are not 100% clear about what their future holds.
That all sounds like terrible news, doesn’t it. Well here’s the silver lining for artisan food businesses. A report produced by Mintel Research, shows that the majority of Millennial’s don’t trust large food brands and prefer to purchase from specialty producers. With more than 80 million individuals falling into this generation within the US, they have a powerful buying influence which accounts for almost $200 Billion in spending every year (in the US). Combine that with those from older generations who already have turned to specialty foods during the holiday season – either for gift giving and/or consumption during the holidays – and this holiday season starts to look a lot brighter for small businesses.
As a reminder, Small Business Saturday falls on November 28th this year. Now is the time to start thinking about what you may want to do from an advertising/promotions standpoint to help boost your sales on that day and throughout the holiday season. You can click here to learn more about this event which is produced by American Express.
For more about the macroeconomic factors that may impact the holiday season, check out this article by the RobinReport.
Editorial Note: None of this content is sponsored or paid. The links provided are done on my own volition to share with you more information and I have not been compensated for them in any way.