Spring Spending & Summer Dream Scheming: How Consumers Shop & Strategize
As spring arrives, providing the first glimpse of warmer weather, most consumers—93%—begin to eagerly look forward to sunnier days. With this transition comes a notable uptick in outdoor pursuits and social engagements, marking a departure from the dreariness of winter. The warm weather also ignites a desire to shop while at the same time bringing out the 'planner' within consumers. This prompts an impulse for consumers to shop now while also strategically preparing for summer activities.
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SPRING SPENDING
As spring approaches, two significant shifts occur. First, enough time has elapsed since the holiday season, alleviating financial strain for consumers, with 44% indicating they no longer feel pressured financially. Second, the arrival of tax refunds serves as an additional incentive to shop as consumers look to refresh and update.
Question: Please rate your agreement with the following statements about the spring (March-April) (T2B%) . All shoppers/Gen Pop (N=1001) | RetailMeNot users (n=201)
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Abundant Shopping: Diverse Options, Consumer Desires
Shopping during the spring months does not stop at updating and refreshing for consumers. It encompasses a broad spectrum of categories, ranging from life stage events such as weddings, anniversaries, and graduations to future planning.
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1. Life stage events
Younger shoppers play a key role in spring shopping and spending, particularly when it comes to life stage events. The majority of these younger shoppers (under 35) expect to celebrate key milestones during the warmer months, allocating an average of $1,516 across categories (restaurants, apparel, home goods, decor, footwear, furniture, house supplies) to commemorate these life events.
2. Seasonal sales events
76% of American consumers are intending to make purchases for at least one holiday event throughout the warm spring and summer months, strategically waiting for sales events to capitalize on savings. They anticipate spending an average of $298 on seasonal holiday sales events.
3. Future travel purchases
Spring time is prime time for consumers to purchase future travel. A substantial 43% of American consumers will use the springtime to plan and purchase future travel. Deal site users (56%), specifically RMN users (65%) exhibit an even stronger inclination to purchase travel during the springtime.
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FOR RETAILERS this presents a prime opportunity to capitalize on consumers' improved financial outlook and increased propensity to spend across categories. By strategically aligning promotions and product offerings with consumer’s mindset and shopping needs, retailers can maximize sales and drive revenue growth for multiple categories during the spring season.
RetailMeNot can aid retailers in strategically aligning promotions, capitalizing on its demonstrated high performance during the 2023 seasonal events, resulting in $14.4 million in incremental revenue.
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SPRING SUMMER PLANNING
During the spring months (January-April), the “planner” within the consumer awakens, using this time to plan and save for their upcoming summer activities and goals.
Question - Please rate your agreement with the following statements about the spring (March-April) (T2B%) Base: All shoppers/Gen Pop (N=1001) | RetailMeNot (n=201)
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It is during this time that consumers share a singular goal: to seize every moment of the warm months, where the key theme becomes, Summer socializing and experiences enriched by retail therapy. RMN users are often more involved in these summer activities compared to the general population. This inclination makes them more inclined to splurge on purchases to fulfill their summer goals.
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Question -Which of the following activities are you likely to participate in this summer? Base: All shoppers/Gen Pop (N=1001) | RetailMeNot (n=201)
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RETAILERS must understand consumers are actively planning for a diverse range of summer activities and experiences across various categories. Success for retailers lies in aligning promotional strategies with consumers' objectives by providing enticing offers on summer-related products and services. RetailMeNot leverages its proprietary first-party consumer data to deeply understand shopping intentions and curate unique seasonal events that cater to consumer demand.
RetailMeNot's Summer Checklist event serves as a valuable, hassle-free resource for consumers to achieve their summer goals while saving money. Simultaneously, it provides retailers with solutions to capitalize on consumers' planning mindset and boost sales during this crucial period.