For advertisers—and consumers—the biggest shopping season has begun. But claiming a piece of the forecasted $1.37 trillion sales pie may mean stretching out promotions, expanding payment options, and investing in website and app enhancements. Here are five key stats to help boost holiday retail sales this year.
1. More holiday shoppers are starting early
Key stat: 16% of US consumers have already begun shopping for holiday gifts, according to June 2024 data by CivicScience. That’s an increase from only 9% who started holiday shopping in July 2019.
What it means: Retailers should consider more frequent promotions throughout the year to attract price-sensitive consumers looking to spread their spending across a longer stretch of time.
2. Early holiday shoppers are more likely to use buy now, pay later (BNPL)
Key stat: 31% of consumers who have already started holiday shopping have used BNPL providers such as Affirm, Afterpay, and Splitit, according to CivicScience.
What it means: Flexible payment options may encourage more early holiday shoppers, especially if they are budget-conscious.
3. Brands will continue to be reliant on Amazon to boost discoverability and sales
Key stat: Amazon will claim 41.9% of all retail holiday ecommerce sales, more than any other retailer, according to our forecast.
What it means: Since Amazon launched its Prime Early Access Sale in October 2022 to capture a greater share of holiday spending, the ecommerce giant has seen holiday-quarter revenues outpace expectations. Now, its smaller seasonal sales events are gunning to have the same impact, forcing brands to sell and advertise on Amazon or risk losing out on sales.
4. Mcommerce will power holiday sales ecommerce growth
Key stat: Mobile will contribute 27.9% of growth to this year’s holiday season ecommerce sales, per our forecast.
What it means: Consumers are spending an increasing amount of time on their mobile phones—3 hours and 6 minutes per day in 2024, per our forecast—and spending more money as a result. That, combined with the rise of apps such as Temu and social commerce on channels like TikTok, means mcommerce will remain a lucrative revenue-driver for retailers.
5. Wish lists make the path to purchase more engaging
Key stat: Nearly a third (31%) of US adults value “wish list” features, including save-for-later or share-with-others functions, as part of a personalized shopping experience, per March 2024 data by Bizrate Insights.
What it means: Wish lists are an easy way to not only make the ecommerce experience more interactive but also allow consumers to save items and wait for deals—that’s how 54% of US internet users shopped last holiday season, according to October 2023 data by Deloitte.
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