Bumper holiday shopping predicted: Marketers must adopt, says report

For more than half of Asian consumers, shopping spend will significantly be rammed up this holiday season and people are eager to snag gifts off the shelves—physical or online—comparatively early, says new research from programmatic company MiQ.

To help marketers understand the Asian shopping landscape, MiQ surveyed more than 8,000 shoppers across ten Asian countries on their spending intentions, combined that with third-party reports on actual consumer spending and insights from campaign trends to get a window into actual spending behaviour. Given these spending trends and an overall buoyant post-pandemic market, the report forecasts a record spending season, with shoppers embracing the omnichannel experience.

Key findings:

Photo: MiQ

• Six in 10 shoppers across India, China, and SEA are expected to up their shopping budget this holiday season, compared to 2021.
• 58% surveyed in India, 50% in China and 47% in Singapore have allocated more shopping budgets this year—that’s well above the global increased spending rate of 46%.
• Although Asian consumers are eager to dip into their wallets early on, they are not making rash decisions. Seven in 10 will read reviews, conduct product research, and compare options before opening their pocketbooks.  

The 2022 holiday shopper:

Photo: MiQ

Online shopping events such as Black Friday and Cyber Monday in November will see online shopping surge in the lead up to Christmas. The responses to the MiQ survey indicate the key areas Asian consumers are feeling spendy and optimistic about.

• While globally essential items remain top-of-mind for 74% of consumers, but in Asia, shoppers are likely to favour big-ticket items electronics and entertainment purchases.
• Four in 10 customers are continuing to switch between online and offline shopping platforms, with trends like “click and collect” and “research online, buy in-store” driving hybrid shopping behaviours and a predicted surge in physical shopping closer to Christmas.

Lesson for brands:

Photo: MiQ

With a bevy of options, consumers are increasingly bouncing between apps, websites, and brick-and-mortar stores for inspiration, ordering, and fulfilment. Clearly, omnichannel experiences are relevant for brand loyalty. 

But what are the other learnings for brands looking to increase their ROI and engage new audiences this holiday season?

“Brands need to understand that this year, their shoppers have different budgets, priorities and shopping plans, so they need to adjust their campaigns accordingly,” says Jason Scott, MiQ APAC CEO.

“Timelines are changing too—people are shopping earlier to try and overcome supply chain issues and cost-of-living pressures, and they’re doing more research, so campaigns need to start earlier and tap into that user demand for information,” he adds.

Marketers should look at a measurement framework that connects campaign KPIs with actual business impact, the report says, investing in future-proof measurement plans now for long-term success.

Scott predicts the holiday season will have a significant effect on programmatic inventory, driving a 12% to 18% uptick in average CPM levels, compared to the rest of the year.

“Over the past two years, many Asian markets has experienced significant variations in CPM during the holiday period, especially during the last two weeks of November, as businesses undertake last-minute bids to engage online shopping audiences. Emerging channels such as CTV and DOOH are likely to have less competition compared to traditional digital inventory. We’re also expecting a big jump in CPM levels on mobiles, especially on in-app programs, this holiday period,” he remarks.