2019 Q4 Forecast and Strategy!
Where are we at?
Growth is shrinking. Not only in specific areas such as grocery where we can see the big 4 mults trading less than they did this time last year; but also, in the amount people are willing to spend. In a recent report by VoucherCodes the UK will see its lowest growth in Christmas Spending since Brexit was announced in 2016. This puts us behind 5 of the top 7 Eurozone countries, with a 0.4% drop against spend in 2018.
What can brands expect?
It’s time to roll up our sleeves and put a plan in place. If you read our previous insights piece you will know that although growth for the festive season is down, when compared to average yearly spending households will have approximately £250 per month extra to spend. Taking that into consideration how do you ensure that that revenue finds its way into your brands pockets and not your competitors?
What to do now?
Implement a proactive instead of reactive strategy to enhance your consumers experience this festive season. With Black Friday and Cyber Monday around the corner the festive/ shopping season begins earlier and earlier each year, to capitalise on these socially ingrained occasions to spend your brand needs to be ready now!
Be ready to provide easy shopping with knowledgeable salespeople and experiences that make your consumers want to spend more. After all, we know 46% of people will abandon a brand if the staff aren’t knowledgeable and 40% of people don’t mind paying more if the experience is good.
How can your brand guarantee your consumers experiences are positive thus safeguarding your Q4 revenue? Wave!