Passaic Today

As the 2024 holiday shopping season approaches, experts from Montclair provide insights into emerging trends that may shape consumer behavior and retail strategies.

The impact of election-related topics on retail is a point of discussion. Luis Portes, Professor of Economics, notes that tariffs could affect prices as companies rush to import goods before potential tariff implementations by President-elect Donald Trump. Additionally, unresolved supply chain issues due to port workers' strikes might lead to disruptions in gift availability and increased prices, according to Jin-A Choi, Assistant Professor of Advertising.

Inflation is another factor influencing consumer spending. While reports suggest reduced inflation has boosted consumer confidence, Associate Professor Manveer Mann points out that lower-income consumers may still seek discounts and cheaper alternatives.

Despite economic concerns, social media data analyzed by Choi indicates an expected joyful shopping atmosphere. A trend known as "slow shopping" encourages consumers to make thoughtful purchases rather than impulsive ones, a practice particularly embraced by Gen Z.

Marketing strategies are also evolving with cultural influences. This year sees a focus on the musical film "Wicked," with its associated colors becoming popular in marketing campaigns. AI technology continues to play a significant role in shaping shopping habits and enhancing personalized experiences for consumers.

TikTok's influence on holiday sales is notable, especially among Gen Z shoppers who respond well to influencer promotions through TikTok Shop. Changes in alcohol consumption patterns are observed as well; Patrali Chatterjee highlights a decline in wine and spirit consumption post-Covid with brewers adapting by offering low or no-alcohol options.

Mann suggests that younger consumers' preference for non-alcoholic drinks is growing alongside the legalization of cannabis potentially impacting alcohol consumption patterns.