Online sales ruled over the 5-day holiday weekend
Reviewing the period from Thanksgiving Day to Cyber Monday, Envestnet® | Yodlee® data shows that online sales grew faster than in-store sales over the course of the Thanksgiving shopping extravaganza (see Figure 1). Many shoppers enjoy shopping online so they can avoid crowds and some consumers believe they can find good deals online, especially during big shopping events like Black Friday and Cyber Monday.
Comparing 2023 data to 2022 in Figure 1, Yodlee data shows that online shopping increased the most on Thanksgiving Day and Cyber Monday (11% on each day) followed by an increase of 10% on Black Friday and Small Business Saturday.
Early deals impact in-store spending on Cyber Monday
Yodlee data also shows that there were increases both online and in-store every day except for in-store shopping on Cyber Monday. According to a report from impact.com, despite record-low prices, Cyber Monday delivered 12% fewer transactions than the previous year, indicating a shift towards online shopping. It’s also possible that shoppers splurged on deals earlier in the shopping weekend and demand decreased by Cyber Monday.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
To learn more about Envestnet | Yodlee Merchant and Retail Insights and get a free demo, please contact an Envestnet | Yodlee sales representative.
