say they research products online before buying in person . Retailers can join customers on their shopping rchase, they’re fully informed offeatures their alternatives: percent of consumers journey — often by making it easy to and find aware product or reviews89 —or risk being left behind. ducts online before buying in person7. Retailers can join customers on their shopping It should as features no surprise that in today’s social media-savvy it easy to findcome product or reviews —or risk being left behind. society, shoppers want to hear from their peers, or at least fellow shoppers, on how a brand lives up to its promises. In 2016, three-quarters of holiday shoppers surprise that in today’s social media-savvy shoppers want to hearto from their peers,purchases from a given said they considered product reviews tosociety, be important when choosing make holiday 8 ppers, on how a brand lives up to its promises. In 2016, three-quarters of holiday shoppers online retailer . A quarter say product reviews directly on a retailer’s site were the most helpful this past holiday product tomore be important when choosing to make purchases from a given season, than comparisons or adviceholiday from friends and trusted colleagues. $100 toreviews lesseven $150 price to less $200 than $200on a retailer’s site or more arterthan say$150 product reviews directly were the most helpful this past holiday an price comparisons or advice from friends and trusted colleagues.
89%
89%
89%
HOW SHOPPERS PLAY I S S U E : FA L L 2 0 1 7 ird-party more about products, Morewebsites than halftooflearn holiday shoppers said theycompare started researching potential purchases in October or earlier. PERS PLAY nd validate the customer experience at the Whenpurchasing they While only a third of these consumers retailer. were actually at this point, many already know what they want
2017orECONOMIC informed and aware of their alternatives: 89 percent of consumers idayand shoppers said they’re they started researching potential purchases earlier. what price willing to pay when it comes time to buy.in October 7 . Retailers can join customers on their shopping g in person hese consumers were actually purchasing at this point, many already know what they want Holiday research vs. purchasing timeline or to reviews —or itrisk being left behind. etures willing pay when comes time to buy.
ARE YOU READY?
FORECAST RECAP:
REASSESSING PROSPECTS BEGIN RESEARCHING BEGIN PURCHASING FOR CONTINUED GROWTH Holidaysociety, research vs. want purchasing timeline ocial media-savvy shoppers to hear from their peers,
es up to its promises. In 2016, three-quarters holiday shoppers BEGIN RESEARCHING BEGIN of PURCHASING portant when choosing to make holiday purchases from a given 33% directly on a retailer’s site were the most helpful this past holiday 36% advice from friends and trusted colleagues. 25% 33% 17%
25%
27%
17%
13% 17% 8%
The Economic Forecast Breakfast, sponsored by SunTrust 36%
Bank, took place on Friday, September 8, 2017, at The Westin Richmond. Jack Kleinhenz, Ph.D., Chief Economist 27% Retail Federation (NRF) shared his for the National insights regarding the current economic climate. NOTABLE TAKEAWAYS:
11% 5% 2% to turn the corner toward a The economy is attempting started researching potential purchases in October or earlier. 1. 13% bit faster 11%want 5% growth, but the momentum has been slower tually purchasing at this point, September many already knowOctober what they November2% December December 8% Before than expected. mes time to buy. September first 2 weeks last 2 weeks While the pace of growth has not measured to past 2. December October December More than half beganNovember research in archSeptember vs. purchasing timeline there is no reason to expect that it will end lastexpansions, 2 weeks October or earlier—only 33% began making first 2 weeks RCHING BEGINactual PURCHASING anytime soon. The expansion has been subject to fits purchases in that timeframe. than half began research in and starts, but the narrative regarding the economic earlier—only 33% began making outlook has not changed. That is, economic activity purchases in that timeframe. 9 2017 HOLIDAY PLANNING PLAYBOOK is expected to continue but will probably oscillate 36% 33% around a trend of about two percent. Complicating the outlook are 9 uncertainties regarding prospective NG PLAYBOOK 27% fiscal policy and other policy changes. % 8%
3. The retail industry continues to evolve as retailers are
17% 11%
ctober
king
November
2%
December first 2 weeks
resizing and modifying their businesses. Firms are adjusting to meet consumers demand in a highlycompetitive environment.
5%
December last 2 weeks
4. All in all, as long as the economy creates jobs, the consumer will continue to spend. A step-up in wage growth and confidence would support a boost in spending.
Data chart provided by NRF1. National Retail Federation. (2017, August 16) NRF 2017 Holiday Planning Playbook. Retrieved from https://nrf.com/system/tdf/Documents/retail%20library/NRF%202017%20 Holiday%20Planning%20Playbook.pdf?file=1&title=2017%20Retail%20Holiday%20 Planning%20Playbook
BE PREPARED — According to NRF reports, 41% of consumers started their 2016 holiday shopping in October or earlier.2 Use the consumer shopping trends shown in the chart to your left to start planning now and ensure your business has a successful holiday season. For additional information, please visit www.NRF.com.
1
9
2016 Holiday Shopping Trends from NRF, The Prosper Analytics & Insights survey, which asked 7,733 consumers about holiday shopping plans, was conducted October 4-11 and has a margin of error of plus or minus 1.1 percentage points. 2
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