Last year, 196.7 million people shopped either online or at a store between Thanksgiving Day and Cyber Monday. Consumers spent $9.1 billion online on Black Friday and $11.3 billion on Cyber Monday, with smartphones being used to make 55% of those online purchases.
This year’s holiday sales are expected to rise at the slowest pace in five years, with a forecasted increase of 3% - 4% compared to gains of 5.4% in 2022 and 12.7% in 2021. However, despite the headwinds in the economy, including high average credit card balances, rising borrowing costs, and the resumption of student loan payments, consumers have remained remarkably resilient.
This week’s Consumer Pulse looks at how we will approach the upcoming traditional start to the holiday shopping season – Black Friday and Cyber Monday. With most major retailers closing their stores on Thanksgiving Day, this four-day period can make or break the bottom line for many. Some highlights from this week’s Consumer Pulse include:
• 70% plan to shop on Black Friday and/or Cyber Monday.
• 66% of shoppers plan to shop in-store for deals.
• 91% of shoppers say they will shop online.
Despite the success of the recent Amazon Prime Big Deal Days, 68% of consumers said that they believe the best deals will come on Black Friday or later, which means that a large amount of holiday spending is still up for grabs. Brands that want to capture their fair share of this spending need to be sure they have maximized their omnichannel experience, as consumers plan on leveraging in-store, online, and mobile to secure the best deals.
Do you want to take the Pulse of your customers? Our Insights team will partner with you to design a study that will help you better understand your customers and their problems, and how your brand can win at retail.
To get additional insight into what this means for brands and retailers, read the entire study.