With the holiday season fast approaching, marketing gurus are eager for the retail boom to come.
Steadily climbing consumer confidence and retail sales growth have U.S. retailers feeling optimistic ahead of this holiday season.
Respondents of BDO USA’s 11th annual Retail Compass Survey of CMOs predict a bullish 4.7 percent sales increase this holiday season, tied with the highest projection in the survey’s history.
“This is also more optimistic than the National Retail Federation’s expected 3.6 percent increase,” reads a report announcement provided to MMW.
Not only do retailers expect consumers to have greater flexibility in their spending for the 2016 holiday season, but nearly a quarter (23 percent) of CMOs themselves have increased marketing and advertising budgets this year.
“Conditions seem favorable heading into the holiday season this year,” said Natalie Kotlyar, National Leader of BDO’s Consumer Business practice. “But the pressure is on for retailers to identify the optimal mix of promotions and pricing across channels. It’s arguably the toughest decision retailers will make—and the most critical factor in their holiday season success.”
As for the nitty gritty, check out the full report here.