Early holiday shopping hit new highs this year: Consumers spent $76.8 billion in October, $4.3 billion more than last year, according to Adobe's holiday shopping tracker.
On top of that, 19% of consumers shop for holiday gifts year-round, according to Gartner's 2023 Holiday Marketing Guide for Retail. Gartner predicts that figure will increase to 30% by 2026, which means marketers need to plan for the holidays all year.
While 'traditional CMOs' under pressure will focus on proven ROI-driving channels like social, paid search and email, Socha said, 'strategic CMOs' will shift their ad spend to channels like YouTube, where consumers increasingly find inspiration for holiday gifts. Also, rather than focusing only on upper-funnel brand-building content, brands are running ads about core services like curbside pickup, Socha said.
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