Shoppers Expected to Spend the Same or More This Holiday Season #2608

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.6 • 1.3K Ratings

🗓️ 13 November 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2608, We discuss the expected increase in holiday spending despite concerns about a recession. We highlight the impact of inflation on consumer budgets and the potential consequences of high levels of debt. We also discuss the need for businesses and individuals to be more realistic about their financial expectations and the importance of discipline in the current economic climate. Our conversation concludes with a prediction that 2024 will be a year of reckoning for many as the effects of high-interest rates and economic realities become more apparent. Don’t forget to help us grow by subscribing and liking on YouTube! Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT) TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: Shoppers Expected to Spend the Same or More This Holiday Season [00:31] Consumers plan to shop at discount and traditional department stores [01:12] Consumers still spending despite inflation and higher costs [02:51] Deloitte report projects rise in retail sales this holiday season [03:53] Consumers with lower incomes expect to spend more [04:14] Tech layoffs and impact on spending [05:24] Reality check needed for business valuations [06:19] Lack of discipline in raising funds and trading on potential [07:20] High interest rates and debt will impact spending [07:34] Uncertainty about when the economy will improve [07:41] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: ICSC’s 2023 Holiday Shopping Forecast Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right, so with all this recession talk, people are talking about if holiday
0:05.0	spending from consumers is going to go up or down. And here's the crazy thing.
0:09.9	It's either going to break even or it's going to go even higher for this holiday season.
0:14.5	So I'm going to share my screen real quick and then we're going to react to this news over here.
0:17.6	Because I don't know about you, Neil.
0:19.2	It's a little, it's a little eye-opening to me. So as it it pops up I'm going to read the headline
0:24.4	because the screen's loading right now so here's the screen so the headline is
0:27.6	holiday spend expected to reach 1.6 trillion it S.C. and it says nearly two-thirds, 63% of consumers
0:36.6	plan to shop at discount department stores, followed by traditional
0:39.3	department stores, 34% according to a I. report, I sorry ICSC report.
0:46.0	That's out the gate.
0:48.2	Yeah, it's actually not too alarming or shocking for me.
0:52.0	And here's why we talk about inflation all the time
0:54.8	and the government saying that yeah even though the stock market other than the
0:58.8	main you know tech stocks that are driving up the market other than, a lot of the stocks aren't performing well.
1:05.4	And if you look at it, people like inflation is still kicking in, but then they're saying people are still spending.
1:12.1	You know, maybe they're not spending at the growth rate that they were in the past, but they're still spending.
1:18.0	So I'm not shocked. It's more so, it doesn't mean that it's a good thing either and here's why I'll give you a great example of this.
1:27.2	I have a friend and he's dating someone and this person is in debt and you know they're getting
1:36.0	closer to being out of debt but it's credit card debt so you can imagine how high
1:39.3	the rates are no it stacks it stacks and he like, yeah, she can be done with it in two, three months. And I'm like,
1:46.3	But then she'll want to buy all her friends, Christmas presents, etc. So she's going to get herself more into debt. And it's not just her.
	...

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