As Covid-19 drastically accelerated the adoption of new consumer trends driven by technological innovations and new consumption habits, the end-half of the year may just be the most highly anticipated season. According to a research update from Facebook IQ, Mega Sales and self-gifting are among the key insights that businesses should look into to maximise their business success during the holiday season.
Malaysia’s retail landscape remains dynamic and is one of the hotspots for year-end shopping. From 9.9, to mega sale days like 10.10 and Single’s day on 11.11, Black Friday or Christmas, the year-end season is full of shopping moments that businesses and consumers still look forward to, despite the slowdown.
According to Facebook IQ’s Mega Sales & Holiday 2020 insight, there are five rising trends that brands need to take note of for their festive season planning.
Gen X and Boomers dominate global mobile and e-commerce growth
People of all ages have been relying on mobile to stay connected, informed and shop during Covid-19, with 65 percent of Malaysians spending significantly more time using the device. Interestingly, 7 in 10 Gen X and Boomers have spent more time on mobile during the pandemic – with 40 percent now shopping online.
The economic downturn will expedite the rise of Mega-Sales
A Covid-led economic downturn will undoubtedly impact consumers’ purchasing habits. In this season, price sensitivities will be heightened and we foresee many buyers waiting for Mega Sales Day. According to year-end shoppers surveyed, 12.12 is the most popular Mega-Sales events.
Self-gifting and seasonal shopping reign supreme this meda sales season
Many have delayed purchases as a result of Covid-19. As the outbreak begins to ease, our study revealed that almost 84% percent of shoppers in Malaysia look to reward themselves across the year-end season, attributing to the rising trend of “self-gifting”.
Cross-border shopping is still desirable to consumers
We see many shoppers trying out new behaviours, products and services during this pandemic. In this holiday season, more people will start exploring new product categories across borders- with Millennials and Gen X the most likely to do so and will look at purchasing products across the globe.
Consumers value not just affordability but also the brand’s alignment with their personal values
During this pandemic, one crucial consumer expectation has surfaced: people expect brands to react with action, not just marketing gestures. Based on our study, year-end shoppers in Malaysia indicated that they wanted to see updates on the latest offers, informative and authentic content types from brands on Facebook. In addition, 50 percent of shoppers would like to see videos with a strong emphasis on family during the holiday season.
As brands pivot to meet the changing needs of consumers, it’s also important to incorporate these insights into the planning and execution of campaigns in order to be consistent in communication and experience that will create that unique and lasting image in today’s marketplace.
