Cyber Monday is no longer the dominant shopping day for U.S. consumers, based on research from Bain. Recent data shows that Cyber Monday hasn’t made the top 10 holiday sales days since 2019, when it ranked sixth. The decline is partly due to slower e-commerce growth and the fact that deals are now spread out beyond the traditional core weekend.
Even though Cyber Monday has become less significant, the shopping period between Black Friday and Cyber Monday continues to be an important time for retailers. Bain’s report highlights that, despite slower growth forecasts for this holiday season, the Black Friday to Cyber Monday weekend is expected to capture its highest share of holiday spending over the last five years.
Aaron Cheris, a partner in Bain and Company’s retail practice, emphasised that Black Friday remains a key opportunity for retailers. He noted that refining promotion strategies, maintaining sufficient inventory, and enhancing in-store experiences are essential for success. Retailers that can meet consumer demand and focus on this critical shopping period are likely to perform better this season.
Last year, U.S. shoppers spent $9.8 billion online during Black Friday, a 7.5% increase from the previous year, according to Adobe Analytics. Cyber Monday also saw growth, with online sales rising 9.6% to $12.4 billion.
However, despite expectations of increased consumer spending this holiday season, retail sales growth is projected to slow down compared to last year. Deloitte forecasts that between November and January, sales will grow by 2.3% to 3.3%, reaching between $1.58 trillion and $1.59 trillion. This is slightly lower than last year’s growth forecast of 3.5% to 4.6%.
A separate report from PwC predicts that shoppers will spend a record $1,638 each this holiday season, marking a 7% increase from the previous year and a 15% rise compared to 2022. Yet, nearly 30% of survey respondents indicated that they plan to spend less this year than they did in 2023.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.
