Overcoming economic headwinds: The strong results are all the more notable given that about 60% of consumers have scaled back their spending in response to inflation, and even more consumers plan spending cuts in the year ahead, per the University of Michigan.
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37% of consumers say their financial outlook is worse than it was a year ago, per Deloitte. Despite those challenges, 74% expected to spend more or the same on the holidays compared to last year.
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Shoppers are hyper focused on finding a good deal. With retailers eager to move excess inventory, many are finding steep discounts. The average discount rate was 30% on Saturday and Sunday, according to Salesforce.
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Deals are widely available. Retailers heavily discounted items in key categories that struggled throughout this year. For example, the average discount on televisions was 12.93%, computers was 16.4%, and furniture was 5.2%, per Adobe Analytics.
The big takeaway: The strong sales gains throughout the Cyber Five bode well for the remainder of the holiday season.
- We expect consumer spending to remain solid throughout the rest of the holiday season, with 7.0% growth. That said, most of those gains will stem from inflation.
Go further: Read our full US Holiday Shopping 2022 report.