The 2024 holiday season is coming up quickly, and it looks like it’s going to give us a unique retail experience. Consumers are optimistic, and the American economy refuses to slow down or cool off. At the same time, the impact of an election year and ongoing inflationary fears present a kind of uncertainty that hasn’t been seen in a generation.
What can health and wellness brands do to prepare? Whether you’re selling directly to consumers online, through brick-and-mortar retailers, or a combination of the two, here are a few tips to help you get ready as a retailer this holiday season.
Consumers are Spending at Historic Numbers
Last year, consumer spending around the holidays grew by 3.8% to $964.4 billion. This record amount shows no signs of slowing down heading into 2024 as consumer sentiment and optimism remain relatively strong.
Deloitte’s holiday retail survey predicts that consumers are ready to spend an average of $1778 during the holidays this year (up 8% on the 2023 numbers). As far as health and wellness is concerned, The Food Institute sees certain trends and topics dominating the landscape in the coming months, including:
- Gut-health
- Healthy aging
- Functional foods
- Intermittent fasting
- Lower (or zero) sugar intake
These are expected to be popular during 2025. However, with 83% of consumers looking to live a healthier lifestyle, it’s likely that a large number of educated, trendy buyers and early adopters will be on the lookout for new health and wellness solutions during the holidays leading into the New Year, too.
What Else Can We Expect During the Holiday Retail Season?
We see several trends from 2023 as likely to carry on through this holiday season, such as the exploration of new marketing techniques as brands seek to resonate with new generations and shifting demographics.
Technology also continues to revolutionize how brands promote themselves. Kohl’s, for example, had a virtual holiday event in 2023. Hybrid marketing that integrates online ads and in-person interactions is also becoming more common.
