Report: Consumers to get early jump on holiday shopping
More and more Americans plan to get an early start on their holiday shopping. And they also plan on spending more.
Nearly half (45%) of Americans plan to start holiday shopping before November, with one in four starting before October, according to RetailMeNot's 2017 Holiday Retail Trends and Guide. Retailers are capitalizing on this earlier start: Nearly 80% indicated they will begin holiday marketing efforts earlier this year.
Consumers plan to spend an average of $743 during the Black Friday (Nov. 24) to Cyber Monday (Nov. 27) shopping weekend, up 47% from last year’s average of $505, according to the report. Echoing the trend observed in 2016, RetailMeNot expects that Black Friday deals will start well in advance of Thanksgiving Day, and last beyond Cyber Monday. In fact, the holiday shopping weekend of Thanksgiving to Cyber Monday will likely now expand into two full weeks of deals.
According to RetailMeNot, Cyber Monday is becoming just as important as Black Friday as it gains popularity amongst consumers. Fifty-six percent of consumers said they plan to shop Cyber Monday deals in 2017 versus just 39% in 2016.
“With the expanded shopping season this year, Black Friday and Cyber Monday are no longer single-focus days. It’s now a two-week-long promotional opportunity,” said Marissa Tarleton, CMO, RetailMeNot. “Not only are these two days as important as ever, retailers must consider how to win the two-week period.”
This year’s holiday season gives shoppers an extra Saturday before Christmas Eve for last-minute shopping. Four in 10 retailers are setting aside more than a quarter of their overall holiday marketing budget for last-minute promotional activity. RetailMeNot recommends retailers plan to trigger special “pulses” of savings for maximum ROI. On average, RetailMeNot data shows the ideal promotional length to be about three days — and this data shows a 3x conversion lift when retailers combine short pulse promotions with longer, evergreen promotional content.
Download the full study at rmn.com/holidayinsights2017.
Nearly half (45%) of Americans plan to start holiday shopping before November, with one in four starting before October, according to RetailMeNot's 2017 Holiday Retail Trends and Guide. Retailers are capitalizing on this earlier start: Nearly 80% indicated they will begin holiday marketing efforts earlier this year.
Consumers plan to spend an average of $743 during the Black Friday (Nov. 24) to Cyber Monday (Nov. 27) shopping weekend, up 47% from last year’s average of $505, according to the report. Echoing the trend observed in 2016, RetailMeNot expects that Black Friday deals will start well in advance of Thanksgiving Day, and last beyond Cyber Monday. In fact, the holiday shopping weekend of Thanksgiving to Cyber Monday will likely now expand into two full weeks of deals.
According to RetailMeNot, Cyber Monday is becoming just as important as Black Friday as it gains popularity amongst consumers. Fifty-six percent of consumers said they plan to shop Cyber Monday deals in 2017 versus just 39% in 2016.
“With the expanded shopping season this year, Black Friday and Cyber Monday are no longer single-focus days. It’s now a two-week-long promotional opportunity,” said Marissa Tarleton, CMO, RetailMeNot. “Not only are these two days as important as ever, retailers must consider how to win the two-week period.”
This year’s holiday season gives shoppers an extra Saturday before Christmas Eve for last-minute shopping. Four in 10 retailers are setting aside more than a quarter of their overall holiday marketing budget for last-minute promotional activity. RetailMeNot recommends retailers plan to trigger special “pulses” of savings for maximum ROI. On average, RetailMeNot data shows the ideal promotional length to be about three days — and this data shows a 3x conversion lift when retailers combine short pulse promotions with longer, evergreen promotional content.
Download the full study at rmn.com/holidayinsights2017.