In their recent report "Season’s Streamings 2024," LG Ad Solutions revealed that a majority of CTV users planned to start their holiday shopping earlier than the previous year, with 60% of respondents intending to begin before Thanksgiving. This trend highlighted the necessity for advertisers to initiate their holiday campaigns as early as September to capture this early shopper segment. Additionally, the report found that CTV users expected to spend an average of $801 on holiday shopping, a notable 14% increase from the previous year. Early shoppers were predicted to spend even more, averaging $868, compared to $718 for those shopping later in the season.
Online shopping was anticipated to dominate, particularly among early shoppers. Most CTV users preferred to shop online, with many keeping wish lists to manage their purchases. The top categories for holiday gifts were expected to include clothing and apparel, gift cards, and home electronics. This trend pointed to a robust holiday season for retailers and electronics brands.
Research methods for holiday gifts primarily involved online searches, social media, and retail websites. The report showed that CTV ads had a significant impact on shopping behavior, with many users visiting brand websites or conducting online searches after viewing streaming TV ads. This demonstrated the effectiveness of targeted video advertising in influencing consumer decisions.
Moreover, a large portion of CTV users planned to purchase gifts via mobile devices, although some showed a preference for buying directly on their smart TVs. Parents, in particular, were noted to be significantly more likely to use smart TVs for shopping compared to non-parents. This highlighted the importance of optimizing shopping experiences across multiple devices to cater to diverse user preferences.
The report also identified that free ad-supported streaming services were popular among holiday shoppers, with many feeling favorable towards brands that advertised on these platforms. This offered a unique opportunity for advertisers to engage with consumers who were receptive to streaming ads, particularly during the holiday season.
LG Ad Solutions emphasized that TV ads, especially those on streaming platforms, played a crucial role in informing and influencing holiday shopping decisions. A significant number of CTV users found these ads relevant and were likely to take action if the ads were shoppable and offered deals or promotions. The report suggested that brands should focus on creating personalized and relevant advertising content to maximize engagement and drive conversions during the holiday season.
The findings underscored the importance of early and online shopping, the influence of targeted ads, and the potential for multi-device purchasing. These trends indicated that brands and advertisers needed to adapt their strategies to meet the expectations of modern consumers, ensuring a successful holiday season.