As we put the 2022 holiday season behind us, trends and insights from the biggest shopping days of the year come to the surface. From Adobe, to Mastercard, to the Wall Street Journal and more, here are some key takeaways to consider as 2023 retail planning is underway.
- $9.12 BILLION was spent on Black Friday (Nov. 25), which was an increase of +2.3% YoY
- $11.3 BILLION was spent on Cyber Monday (Nov. 28), which is an increase of +4.8% YoY
- More people are trusting mobile payments, with 48% of online sales coming from phones – an increase of +9% YoY
Mastercard’s Spending Pulse released a post-Thanksgiving report, showing that retail sales were up +10.9% YoY (not adjusted for inflation, including non-credit card transactions)
- Black Friday retail sales increased +10.5% YoY and eCommerce rose +12.5% (not including the auto industry)
- Estimated that Cyber Monday retail sales were up +9.7% YoY, eCommerce +10.9%, and in-store were +9.2%
- Estimated that for Black Friday retail sales were up +12% YoY, eCommerce +14%, and in-store +12%
According to the Wall Street Journal, Black Friday lured shoppers back to stores.
- Foot Traffic on Black Friday rose +7% YoY per RetailNext, with in-store sales increasing +0.1%, but, the average shopper was spending less
- Another foot traffic firm, Sensormatic Solutions, said store traffic rose +2.9% YoY
- About 197 MILLION people visited physical or online stores between Thanksgiving Day and Cyber Monday, spending on average $325.44; a +8% from 2021 per the National Retail Federation (Caveat; Consumer Prices increased 7.7% from October 2021)
Per the Morning Brew, Americans continued to spend on Black Friday, driving an increase despite rising inflation.
When it comes to the Buy Now, Pay Later trend, a 78% increase was seen on Black Friday compared to the Friday before, Nov. 18th.
In terms of online searches for Black Friday discounts, Walmart came in as the front runner followed in order by:
- Amazon (shocking!)
With all of these insights and more, retailers have much to unpack. As one of Kobie’s primary industries of expertise, our retail experts are keeping a pulse on what this means for member engagement, retailer channels, the customer experience, inventory and inflations, and so much more.
To learn more about these trends and how they make impact your brand loyalty, reach out to Kobie today.