How credit unions can prepare for the upcoming holidays

With many stores already stocking their fall décor and winter holidays not far behind, it is – once again – time to gear up for the holiday shopping season. While the forecast for holiday spend is projected to increase across both brick-and-mortar and e-commerce, online is predicted to be the go-to channel for this year’s holiday purchases.

In the past, many credit unions focused on ways to drive spending during the 45- to 60-day timeframe before the holidays. With a shift in spending toward e-commerce, credit unions now need to look at a three- to four-month pre-holiday journey to ensure they are meeting all the needs of cardholders that are shopping earlier and earlier in the year. This makes marketing the right products at the right time through promotional campaigns more important than ever.

Consider hitting these milestones as you plan your holiday marketing initiatives and promotional campaigns:

• October through November is a great time for credit line increases, which provide members with additional room for larger purchases. Home improvement is still at a high, and members often seek to complete home projects before family and friends arrive for holiday gatherings, prompting large purchases for which credit line increases can be hugely beneficial.

 

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