Discount fatigue – the new Grinch of the holiday season
Forget the price tag; to capture hearts (and wallets), retailers must deck their halls using innovative approaches that prioritise personalisation, experience and customer connection
THE stakes are high for Singapore’s retailers this holiday season, where big sales may no longer translate to big wins. On one hand, retailers are scrambling to outbid each other to finish the year strong but on the flip side, budget-conscious consumers aren’t inclined to splurge, not least as the constant stream of mini-events and deals throughout the year has dimmed the allure of holiday shopping.
Discount fatigue has become the new Grinch of the holiday season, and competitive pricing alone is no longer enough to get consumers to take out their wallets. According to a survey conducted by Twilio at National Retail Federation’s 2024 Retail’s Big Show Asia Pacific, 53 per cent of retail businesses in the region are currently struggling to demonstrate value beyond price, in the quest to win over browsing customers.
With customers tightening their belts rather than splurging during holiday sales events, how should retailers adjust their approach when the pull of instant gratification is no longer as strong?
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