Questions about consumer reluctance and lackluster discounts were answered this year by strong Cyber Week sales. Over five days from Thanksgiving to Cyber Monday, online shoppers spent a total of $38 billion, up 7.8% from the previous year. Cyber Monday was a record breaker, with U.S. consumers spending $12.4 billion, up 9.6%. According to Adobe Analytics, prices were down 6% year-over-year in October 2023, and discounts were found across major categories such as electronics, computers, apparel, appliances and sporting goods, with furniture being discounted at 21% - much higher than the 8% seen in the previous year. For Black Friday, U.S. online sales totaled $16.4 billion, according to Salesforce, and BigCommerce reported an increase of 5% in total orders and 6% in gross merchandise volume. Digital transactions were up 10% in the first 10 hours of Black Friday 2023 compared to the previous year. 80% of online orders opted for standard delivery, while 12.7% opted for curbside pickup. In-store shopper visits were up 4.6% over Black Friday 2022. These numbers show that consumers are willing to spend, and are taking advantage of discounts and services such as BOPIS (buy online, pickup in-store) and curbside pickup.
The holiday shopping season began with uncertainty as consumers shifted their spending to services and faced rising costs. However, the record online spending across Cyber Week shows the impact discounts can have on consumer demand. Despite an early start to holiday shopping with Amazon promotions in October, consumers are finding real discounts and demonstrating why it's worth waiting for them.
Originally reported by Martech: https://martech.org/strong-cyber-week-sales-show-consumers-are-willing-to-spend/
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