Spring brings new retail opportunities

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With the colder months behind us, it is important for retailers to be prepared for the predicted change in spending patterns.

The next few months will bring many holidays, events and parties, so get your business Spring-ready with these predicted trends on your side.

St. Patrick’s Day (March 17)

Whether people prefer to sit back with an Irish beer or dress their children up in all-green outfits, St. Patrick’s Day is very beneficial to retailers.

Over half of the American population in 2015 planned on celebrating St. Patrick’s Day in some way, according to a National Retail Federation (NRF) survey, with the average person spending $36.52 on festive food, green decorations and more.

This survey also suggested that over 80% of these people would wear green, 30% would make a special dinner and 29% would attend a party at a bar or restaurant.

What should retailers do?

St. Patrick’s Day sales are common and are a great way to sell clearance products, promote certain items or to simply treat your loyal customer base to a discount or two-for-one deal.

First Day of Spring (March 20)

Retailers are expected to see more purchases at the beginning of Spring. Customers feel the need to ‘prepare’ themselves for the season and will therefore buy new wardrobes, outdoor equipment, and other weather-related items.

The NRF stated that due to the constantly changing weather of Spring, $3 billion will be spent on the apparel and accessory industry this year.

What should retailers do?

Put your winter items on clearance sales to cater to customers looking for cheap deals. Advertise your new stock as ‘spring’ or ‘new season’ throughout your store or online to cater to the seasonal shoppers.

Tax Day (April 18)

The NRF suggested that two-thirds of Americans expected a refund on Tax Day in 2014.

Tax refunds allow those who have been yearning for bigger purchases such as particular electronic goods or pieces of outdoor furniture to use their refunds to purchase these luxury or large ticket items.

What should retailers do?

Increase your effort into advertising, marketing and customer loyalty programs before and during this time to raiser your profile and ensure these purchases are made.

Easter (25-28 March)

Total spending for Easter, which includes purchases of apparel, decorations, gifts, candy, food, flowers and more, is expected to reach $16.4 billion. Please see our article on the projected Easter spending for 2016 here.

Mother’s Day (May 8)

Considering that Mother’s Day presents are, most of the time, bought by their partners, we recommend marketing efforts that will capture their significant other’s attention quickly.

In 2016, there will be a move towards ‘experiences’ rather than typical gifts such as flowers, chocolate, perfume and clothing. Families will purchase tickets to events that the whole family can enjoy, such as cooking classes, lunches, or even camping trips to celebrate the warm weather.

What should retailers do?

Gift sets are a great way to capture the buyer’s attention, as it is easy for them to grab and leave with the feeling that they have bought a wholesome gift for the significant Mother in their life.  As a retailer, ensure that you advertise these as ‘Mother’s Day specials’ and offer gift-wrapping.

Father’s Day (June 19)

As with Mother’s Day, there will be a move away from traditional sporting gifts such as fishing and golf apparel towards more unique hobbies and gift ideas such as cooking, gift cards and clothing.

What should retailers do?

As with Mother’s Day, majority of Father’s Day gifts are bought by their partners, and hence it is important to balance a good deal with the right item to ensure customer happiness.

Warm weather effect

Finally, keep an eye on the weather. The ‘warm weather effect’ will bring a huge demand for new clothing and accessories, outdoor equipment and other Spring apparel.

Monitor monthly weather forecasts for your city. This way you will have a better idea of whether to order umbrellas or sun hats, or if your sidewalk sale is going to get rained out.

© Lunamarina | Dreamstime.com – Happy relaxed kid girl on a spring flowers meadow

 


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