With the holiday shopping season nearing its unofficial start, and Amazon’s Fall Prime Day set for 8th and 9th October, many retailers are preparing for early sales. Consumer confidence remains shaky, and several retailers, including Target, Walmart, Best Buy, Big Lots, and Michaels, are seeking to capture early holiday spending before the traditional Black Friday rush.
Retailers are kicking off the season early this year in response to changing consumer behaviour. Economic and political uncertainties are pushing over half of shoppers to start their holiday shopping in October, according to surveys by Bazaarvoice and Bankrate. This has led to a few common trends among major U.S. retailers: early sales, a focus on everyday low prices, and expanded selections are the key strategies shaping the 2024 holiday season.
Walmart is getting a head start on the season, launching its first holiday sales event from 8th to 13th October, aligning with Amazon’s Prime Day. Walmart+ members will have exclusive early access to the deals, starting at midnight on 8th October, while other customers can join in at noon. The sale extends across Walmart.com and the Walmart app, with in-store deals following from 9th October. The retailer has also promised significant discounts for Black Friday and Cyber Monday, reiterating its commitment to everyday low prices.
Walmart is also bringing back its popular “inflation-free Thanksgiving,” offering a complete holiday meal for up to 10 people at under $7 per person. Customers can purchase this meal from 14th October to 25th December, either in-store or online, with the option to gift the meal for pickup or delivery. Furthermore, Walmart’s charitable initiatives allow customers to donate the equivalent of the holiday meal or round up their purchases to support families in need.
Target, another major player, has its own members’ event, Target Circle Week, planned for 6th to 12th October. It’s offering its largest holiday assortment ever, and discounts will be applied automatically at checkout for all Target Circle members, both in-store and online. Beyond this event, Target is also bringing back its Deal of the Day programme, starting 1st November, which will feature one-day-only discounts on a range of products.
Target’s strategy includes focusing on affordability, with half of its holiday toys priced under $20 and thousands of stocking stuffers available for less than $5. The Bullseye’s Playground value section will showcase 50 family gifts under $5, while 80% of its Wondershop holiday items will be priced at $10 or less.
Best Buy, meanwhile, is taking a slightly different approach, offering four themed sales events throughout October. These include an exclusive sale for My Best Buy members, an Apple Trade-Up event, and discounts on home appliances and gaming products. Best Buy also plans to host more sales in November, targeting both early shoppers and those looking for last-minute deals.
Michaels is adding a creative touch to the holiday season, releasing four exclusive holiday décor collections starting 27th September. The retailer is expanding its holiday offerings with a revamped “Tree Forest” featuring new artificial tree designs, and an expanded range of gift wrap and ribbons to elevate holiday decorating.
As for seasonal hiring, there seems to be a slowdown. Target plans to hire around 100,000 seasonal associates, the same number as last year, while Macy’s intends to hire 31,500, down from its 2023 target of 38,000. Bath and Body Works has set its sights on 30,000 seasonal hires across its U.S., Canada, and Puerto Rico stores, along with 2,700 distribution centre associates. Some retailers, like Walmart and Target, have emphasised offering more hours to current employees before hiring additional seasonal staff.
Retailers are responding to a changing landscape, both in terms of consumer behaviour and economic challenges. With early sales, attractive discounts, and expanded product offerings, they are aiming to engage shoppers well ahead of the traditional holiday season. The focus this year is clearly on value, convenience, and adaptability, as both consumers and retailers navigate an uncertain economic climate.
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