Friday, December 2, 2022
Matthew Shay, NRF president and CEO, described the holiday shopping period, which typically begins Nov. 1, and runs through Dec. 31, as a treasured American tradition. "As inflationary pressures persist, consumers have responded by stretching their dollars in any way possible," he said. "Retailers have responded accordingly, offering shoppers a season of buying convenience, matching sales and promotions across online and in-store channels to accommodate their customers at each interaction."
Shay cited an earlier survey of 3,326 adult consumers, conducted by Prosper from Nov. 23 to 27, which found respondents planning to begin holiday shopping well in advance of the traditional season, attracted by deep discounts offered by major retail brands. Many consumers surveyed were concerned about inflation, he added, and were planning to tap savings and credit "to provide a cushion and result in a positive holiday season."
The NRF claimed 2022 is the highest holiday spend it has ever recorded, largely led by in-store shoppers, 77 percent of whom indicated they were specifically supporting Small Business Saturday. Brick-and-mortar shopping was up by 17 percent from 2021, with more than 122.7 million shoppers visiting stores over the holiday weekend, the NRF noted, compared to a mere 2 percent increase in online sales by 130.2 million shoppers, researchers noted.
Thanksgiving holiday weekend shopping was up by 70 percent over last year, with 30 million more shoppers than in 2021, with 76 percent transacting over the weekend, compared with 70 percent in 2021. Black Friday alone pulled in 72.9 million shoppers, compared with 66.5 the previous year, as post-pandemic consumers returned to on-site shopping.
Consistent with predictions, 56 percent of shoppers took advantage of early holiday sales ahead of Thanksgiving, with 24 percent shopping before Nov.16 and 36 percent shopping between Nov. 16 and 23. Top gifts included clothing and accessories (50 percent of shoppers surveyed); gift cards (27 percent); books, video games and media (24 percent); food and candy (23 percent); and electronics (23 percent).
Early Cyber Monday returns, reported by Chain Store Age on Nov. 30, 2022, found three retailers reporting best-ever ecommerce revenues during Cyber Week. "Amazon, Wayfair, Ace Hardware break Cyber Week records," by Dan Berthiaume, found new records set on Cyber Week, which kicked off on Mon., Nov. 28, 2022.
Bill Kiss, head of digital at Ace Hardware, attributed the Cyber Week sales increase to "service, quality and convenience," affirming the company's continuing investments in omnichannel and digital marketing.
Niraj Shah, CEO, co-founder and co-chairman at Wayfair, stated the company's November year-over-year sales were stronger, "with the Cyber Five period itself comping flat for the company."
Doug Herrington, CEO, worldwide for Amazon Stores, noted millions of Amazon devices were sold over what he termed a "record-breaking holiday shopping weekend for Amazon."
Phil Rist, executive vice president of strategy at Prosper, noted that while Thanksgiving is no longer the starting point for holiday shopping, it still plays a key role in annual revenue performance. "On average, consumers say they are almost halfway (47%) done with their holiday shopping at this point in time, leaving plenty of room for additional purchases in the remaining weeks of the year," he said Holiday sales in November and December have accounted for about 19 percent of retail holiday sales for the last five years, NRF and Prosper researchers noted.
Shay agreed, stating, ""It is important to note that while some may claim that retail sales gains are the result of higher prices, they must acknowledge the historic growth in consumers who are shopping in-store and online during the long Thanksgiving holiday weekend and into Cyber Monday. It is consumer demand that is driving growth." 
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
