New insights from LG Ad Solutions highlight growing opportunity for marketers to leverage Home Screen placements on CTV to expedite discoverability and path to purchase this holiday season

LG Ad Solutions has released its latest report, "Season’s Streamings: Holiday Shopping & TV Viewing Trends in 2024," highlighting significant trends in holiday shopping and TV viewing. The report reveals that a substantial portion of CTV users plan to begin their holiday shopping early, with a notable increase in spending expected this season.

Key Findings

• Early Holiday Shopping

  • Early Start: 37% of CTV users plan to start their holiday shopping in October or earlier, with 60% intending to start before Thanksgiving.
  • Increased Spending: 40% of CTV users plan to spend more this holiday season, with an average expenditure of $801 per person, marking a 14% increase year-over-year.

• Consumer Preferences for TV Ads

  • Specific Deals and Promotions: 91% of holiday shoppers prefer TV ads with specific deals or promotions.
  • Ease of Purchase: 71% want ads that facilitate easier purchasing of featured items.
  • Useful Information: 43% find TV ads helpful for holiday product and service information, with 72% open to scanning QR codes from TV ads for purchases.

• Shopping Behavior

  • Online vs. In-Store:
    • 86% of shoppers take advantage of online Black Friday deals.
    • 84% use Cyber Monday deals.
    • 70% shop in-store for Black Friday deals.
    • Early shoppers (before Thanksgiving) are more inclined to shop online (72%) compared to late shoppers (63%).

• Top Spending Categories

  • Clothing/Apparel: 64% of respondents plan to spend on apparel, up 6% YoY.
  • Gift Cards: 62% will purchase gift cards, a 4% increase YoY.
  • Increased Spending in Other Categories:
    • Appliances: +39% YoY
    • Travel: +26% YoY
    • Auto: +19% YoY

• Gender Spending Differences

  • Men: 52% plan to spend more on holiday shopping compared to the previous year.
  • Women: 30% plan to spend more, while 52% expect to spend the same amount as last year.

Insights from Industry Experts

• Tony Marlow, CMO at LG Ad Solutions

  • Emphasized the importance of leveraging the TV Home Screen for holiday advertising.
  • Noted the trend of increased retailer investment in CTV campaigns for effective audience engagement.

• Strategic Recommendations

  • Holistic TV Consumption View: Essential for key discovery and engagement moments.
  • Direct-to-Glass Strategy: Allows precise audience targeting and alignment with cultural moments, such as holiday movies.

The report underscores the growing impact of CTV and TV ads on holiday shopping behaviors. With consumers starting their shopping earlier and spending more, advertisers have a significant opportunity to engage audiences effectively through targeted TV advertising and CTV strategies.