The UK remains in the throes of a cost-of-living crisis. According to new research from the business consultancy Retail Economics, households have £3bn less to spend this Christmas.

Jeremy Stern, CEO of PromoVeritas, promotional compliance specialists, spoke to the Raconteur about how businesses should tackle Christmas in 2023.

Price cuts are not always the answer. There are other levers to pull, for example offering extended warranties, free gifts or vouchers for future spending. And Jeremy Stern says companies should also be wary of taking a one-size-fits-all approach that could see money left on the table.

“Companies need to have some segmentation in their market research. If you go in too heavily on discounts, you actually risk missing out on the income from some consumers who may have been able or willing to spend the full price,” he says.

“For advertisers and marketers, it’s important that Christmas is presented as a time of joy,” says Stern. “For every cloud, there is a silver lining and it’s vital that businesses tap into that sentiment.”

Read the full article here ‘Offer value, bring positivity’: how businesses should tackle a difficult Christmas – Raconteur

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