New Year’s Resolutions Affect on Consumer Buying Patterns
The new year is quickly approaching and as people wrap up the holidays and set their sights on 2018, merchants often see a change in consumer behavior. From choosing healthier lifestyles and better budgeting, to trying out new things – new year’s resolutions are a time for reinvention.
So how does the new year and new year’s resolutions affect consumer buying patterns?
It’s important to first look at the common new year resolutions. According to data by iQuanti, these are the most common New Year resolutions:
- Get Healthy: 62,776,640 searches, a 13.77 percent increase over last year during the same time period, when it was searched 55,177,290 times.
- Get Organized: 33,230,420 searches, dipping by 7.41 percent compared to last year’s tally of 35,888,700.
- Live Life to the Fullest: 18,970,210, spiking by 13.04 percent from last year, when it maxed at 16,782,030.
- Learn New Hobbies: 17,438,670 searches, up 4.72 percent from last year’s total searches of 16,652,950.
- Spend Less/Save More: 15,905,290 searches, up 17.47 percent from 13,539,500 in 2016.
Much, if not all, of this has a serious consumer play. In fact, 68% of women plan to spend upwards of $500 in an effort to keep their new year’s resolutions. From purchasing gym memberships and classes to indulging in experiences, all while being more price conscious, these actions and interests affect shopping patterns.
More likely to try something new
People are looking to break up routine. Whether it be in their personal or professional life, people are compelled to try something new. While this concept is somewhat vague – the idea that consumers will be more explorative is important for merchants to recognize. Everything from marketing to changing up your products and menu items, your regulars are more likely now than any time of the year to expect to see a new variety of goods and services wanted.
Every year getting healthy seems to trump every other resolution. Health and well-being transcend a ton of industries, and businesses need to pivot from the, it’s-the-holidays-lets -indulge-type of marketing. As tried and true as the health resolution stands; health sells. Refresh your menu and draw attention to your healthier options, reminding diners that they will still be sticking to their resolution by eating your establishment.
InfoScout took a look at the food types that are in consumers resolution plans. Put these on the menu:
Save More, Spend Less
This means consumers will be on the lookout for deals. Price-savvy consumers aren’t necessarily staying out of stores but tightening their wallets. Use this opportunity to increase sales with data-driven discounts and promotions. Dynamic pricing can be a smart way to attract the price-conscious consumer while still engaging with your regulars.
Consumers are looking for new and inventive ways to create experiences for themselves. This is also the time of year when consumers are looking to spend more time with family and friends. More and more data points point to the fact that consumers expect shopping to be an experience.
This new year, anticipate the ways consumers are looking to reform their ways by investing in the latest of iPad POS System Point of Sale technology to make data-driven decisions.