If you have a local business such as a brick and mortar shop, than it makes sense to target everyone living in that location.

Let's say you have an event,or a restaurant and want to attract people around Southbank Centre in London, then you can choose the option to target people who are travelling in this area.

Source https://www.facebook.com/business/insights/tools/holiday-season
This means businesses need to get their act together much earlier. Most of these people will be doing their shopping online and they’ll be influenced by the products they see on social media.

Now is the time to get your tech ready:

-Make sure your website is mobile friendly and loads fast.
-Make it easy for customers to buy from you. Add Guest Checkout option, not everyone wants to register. 
-Add different payment options such as Stripe and Paypal as well as credit card options.
-If you’re going to use, Facebook & Instagram Ads, make sure your website has the Facebook pixel. So that you can collect data of people who visit your website, buy your products or just view your products. You can also create lookalike audiences from your website visitors, people who engaged with a post, video viewers etc. Later on, you can retarget these people and remind them of your products with dynamic ads.

Now is the time to get your marketing ready:

-Get your creative assets and email sequences ready.
-Back to School Season is the time to warm up your audiences. With so much competition, people need to know and trust your products before they buy from you. Start telling them what makes your products special so that they get a chance to learn about your offerings, read the reviews and take the time to make a decision.
Early bird catches the warm. We need to start early and be there when people are considering what to buy for their loved ones as early as October.
With everyone bidding for a space in the newsfeed, in December, competition and costs will rocket across the board. It’s not too early to think about Christmas.

If you need any help planning your Facebook and Instagram ad campaigns, please get in touch. I can either help you run your ads with an hourly consultancy service or run your campaigns for you as a done-for-you service. Get in touch to find out more.