Thanksgiving has become a major battleground for brands and retailers. As we dive into the shopping seasons of 2023 and 2024, a fascinating story unfolds—one marked by shifting consumer behaviors, evolving marketing strategies, and a dynamic marketplace.
Key Findings: Thanksgiving 2023
1. General Trends:
In 2023, brands went all out with their promotional campaigns.
- A significant surge in promotional Google Shopping ads was observed, with notable spikes in specific categories.
- Brands leveraged deep discounts and promotional intelligence to maximize visibility and sales.
2. Category-Specific Insights:
- Furniture: Over 80,000 ads were analyzed, with a 252% increase in promotional ads on Thanksgiving Day compared to November 17.
- Apparel & Accessories: A 292% surge in promotional ads.
- Health & Beauty: A remarkable 670% spike in quantity ads featuring discounts.
- Home & Decor: Ads grew by 450%, emphasizing the importance of holiday cozy homes.
- Wine & Liquor: A 380% increase in promotional ads, driven by holiday gatherings.
3. Strategic Takeaways: Brands that monitored and adapted to these trends saw improved ROAS (Return on Ad Spend), emphasizing the importance of real-time data analysis.
Learn more about this: Thanksgiving Insights in 2023
Key Findings: Thanksgiving 2024
1. Evolving Consumer Behaviors:
Fast forward to 2024, and the shopping landscape has changed dramatically. Consumers were no longer satisfied with generic offers.
- Shoppers prioritized personalized, niche, and value-driven experiences.
- Specialty retailers outperformed industry giants in specific categories, underscoring the importance of targeted strategies.
2. Category-Specific Insights:
- Apparel & Accessories: Specialty brands like Sephora (20% SOV) and 5.11 Tactical (21% SOV) rose significantly, overshadowing Amazon (11% SOV).
- Automotive: Amazon’s SOV dropped to 35%, with AutoZone (17%) and Walmart (12%) gaining traction.
- Health & Beauty: Amazon’s SOV fell to 30%, with Ulta Beauty (23%) and Sephora (17%) capturing consumer attention.
- Home & Decor: Ashley led with 25% SOV, while Amazon dropped to 13%, showcasing consumer preference for specialized offerings.
- Wine & Liquor: Total Wine & More dominated with 65% SOV, with local players showing modest performance.
- Music: Amazon and Guitar Center shared the lead at 23% SOV, highlighting robust competition.
3. Strategic Takeaways:
- Personalized campaigns, niche marketing, and targeted promotions emerged as key drivers of success.
- Specialty retailers gained consumer trust by addressing specific needs and preferences.
Here are our detailed insights on Thanksgiving 2024
Comparative Analysis: 2023 vs. 2024
1. Market Dynamics:
- 2023 focused heavily on broad promotional strategies, while 2024 highlighted the rise of personalization and niche appeal.
- Categories like Health & Beauty and Home & Decor showed consistent growth but with shifting market leaders.
2. Consumer Behavior:
- 2023 consumers responded to deep discounts and widespread promotions.
- By 2024, shoppers sought more tailored experiences and demonstrated loyalty to niche players.
3. Key Lessons for Brands:
- Monitor real-time trends to adapt promotional strategies effectively.
- Emphasize personalization and niche targeting to stand out in crowded markets.
Recommendations for 2025
- Leverage Data-Driven Insights:
- Use tools to monitor promotional trends and consumer preferences dynamically.
- Target Niche Markets:
- Identify underserved segments and craft campaigns that speak to their unique needs.
- Personalize Campaigns:
- Utilize AI and data analytics to deliver tailored shopping experiences.
- Optimize Timing:
- Launch promotions strategically to maximize engagement and ROI.
- Strengthen Partnerships:
- Collaborate with specialty retailers to expand reach and diversify offerings.
Conclusion
The Thanksgiving shopping season is a battleground for consumer attention and wallet share. It is a marathon, not a sprint. By analyzing trends from 2023 and 2024, brands can refine their strategies to thrive in 2025 and beyond. Success lies in adapting to consumer preferences, embracing innovation, and maintaining agility in the face of an evolving market dynamic.