Naturally, we all know the how and the why. Many consumers are already stating that budgets are far slimmer this year and they are allocating far less to holiday shopping than usual. But there may be a few retail players, in somewhat recession-proof niches, that may find this to be a holiday season less gloomy than others.
* Local, small boutique retailers. I am seeing and hearing a lot from consumers who want to turn away from the national, big box retailers and find specific, special gifts this holiday season. Gone is the day where piles of gifts surround a tree, consumers this holiday season are more likely to focus on one really special gift and a couple of "stocking stuffer" type items. Typically, it is your smaller, local boutique-type retailer that has special, locally sourced items, that can offer that to a customer.
* Online retailers, particularly niche retailers. Again, with fewer dollars to spend, consumers will turn to the internet to do much of their holiday shopping. Niche online retailers have a better likelihood of doing well as they can address consumers wanting to find special, personal gifts as they have a bigger impact for a recipient than a bunch of "stuff".
* Retailers that help consumers "Do-It-Yourself". Instead of offering gift cards or certificates for expensive spa treatments, for example, retailers that offer customers the ability to create a "home spa" present will be far more popular. Consumers want the experience of the luxurious treatments and services they may be used to, but want to make it more personal, economical and accessible.
* Grocery stores, specialty food stores, wine shops and other food stores. More and more people will be eating in, but still desire the "eating out" kind of experience. Experimenting with a few new cheeses and a great bottle of wine from home is far more economical than going out for that same experience! People will be bringing family together for more dinners at home, entertaining on a budget will be key and small splurges on a few special food items will make for a special meal.
What are you planning to spend this holiday season? Take the poll at the upper right hand corner of my blog. I would love to hear from you, and know how you plan to spend your holiday dollars this season on retail spending.
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