As the holiday season approaches, retailers are preparing for a critical moment that will be exacerbated by continued economic difficulties, most notably increased living costs. For many retailers, this upcoming holiday season is not just another seasonal event; it represents a pivotal moment and a unique opportunity to recover losses incurred throughout the year, with the potential for a transformative year-end outcome. The findings from Kasi Insight's Holiday Shopping 2022 Survey assessed consumer behavior, primary purchase motivators, overall financial confidence, shopping preferences leading up to Christmas, and gift inclinations.
From thrift to luxury, Ghanaians approach to festive gifting varies.
In Ghana, the survey's findings revealed intriguing holiday spending habits. Approximately 49% of respondents leaned towards a conservative spending approach, indicating a preference for budget-conscious gift choices and an overall commitment to prudent financial management during the festive season. 30% of respondents opt for moderate spending, reflecting budgeting that allows for reasonable allocation of funds for holiday shopping endeavors. In contrast, 21% of respondents exhibit a propensity for extravagant spending, signaling their readiness to indulge and allocate a substantial portion of their budget to holiday gifts and celebrations.
Low-income earners emerge as champions of thriftiness, with an impressive 76% embracing a frugal approach, underscoring their keen focus on economical gift options and meticulous budgeting practices. In a modest departure from their typically conservative stance, 20% among them choose to spend moderately, hinting at a slight increase in budget flexibility for holiday shopping. Mid-income earners largely mirror the overall trend, with 66% opting for a conservative approach, reaffirming their dedication to responsible financial management. Concurrently, 28% of this group embraces a moderate spending philosophy, allowing for a balanced approach that incorporates both budget-conscious choices and flexibility for holiday expenses.
High-income earners, in stark contrast, exhibit unique spending patterns. A mere 6% among them opt for a more conservative approach. Conversely 41% of this segment prefers a balanced spending approach, enabling them to partake in substantial holiday shopping without compromising fiscal prudence. The majority, encompassing 53%, within the category display an inclination towards lavish spending. This highlights their significantly higher financial flexibility and their eagerness to embrace opulent holiday celebrations and engage in generous gift-giving practices.According to Kasi Insight, high-income earners are individuals whose earnings surpass USD 1801, while mid-income earners fall within the income range of USD 901 to USD 1800. On the other hand, low-income earners have incomes below USD 900.
A blend of practicality and emotional resonance in holiday gift-giving.
Respondents' preferred holiday gifts encompassed a unanimous top five: food, money (cash), shoes, drinks (alcoholic or non-alcoholic), and adult clothing. Food, the leading choice, symbolized warmth and togetherness associated with holiday feasting. Money, ranking second, offered versatility and personalization. Shoes, favored across income groups, combined style and functionality. Alcoholic or non-alcoholic drinks came fourth, signifying a desire to unwind. Adult clothing, in fifth place, allowed individuals to embrace the festive spirit during gatherings.
Among high-income earners, a clear preference emerges for shoes, money (cash), and fragrances/perfumes. These choices reflect a penchant for luxury and self-indulgence during the holidays, with an emphasis on enhancing personal style and comfort. Additionally, their affinity for electronics highlights a desire for cutting-edge technology and gadgets that align with their upscale lifestyle. Conversely, mid-income earners gravitate towards practical gifts like food, money (cash), and shoes, driven by their pursuit of financial stability and comfort. Adult clothing and drinks also find favor, mirroring their aspirations for modest celebrations and the tradition of dressing up during the holiday season.
Low-income earners prioritize food and money (cash), underscoring the importance of sustenance and financial support during the holidays. Adult clothing and shoes represent the need for basic necessities, while drinks, though less prominent, still play a role in their holiday celebrations.
Brands must adapt their marketing strategies and product offerings to fully capitalize on the holiday shopping season.
For the significant portion of respondents who lean towards conservative spending, brands can capitalize on them by offering budget-friendly gift options, bundled deals, or special discounts to attract price-conscious consumers. Personalization is key, given that money (cash) ranked highly, indicating a preference for personalized gifts. Brands can consider offering customization options or gift cards that allow recipients to choose what suits them best.
Recognizing the blend of tradition and modernity in holiday gift-giving is crucial. Food, symbolizing togetherness, was the top choice. Brands that offer traditional and culturally significant holiday foods or experiences can tap into this sentiment. Practical gifts, such as shoes and money (cash), are favored by various income groups, making it important for brands to highlight the utility and longevity of their products. Low-income earners prioritize food and money (cash), indicating the importance of sustenance and financial assistance. Brands can position themselves as providers of essential goods and services that support families during the holiday season.
Contact our team today to explore how our consumer intelligence can empower your decision-making process. Win with confidence with Kasi insights https://www.kasiinsight.com/thehub
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