Beyond the fun festivities, the holiday season is an incredibly significant time for both businesses and consumers alike, shaping economic landscapes year after year. In this post, we’ll discover how the art of gifting fuels retail sales and steers supply chains. We’ll also highlight the impact of online vs. in-store shopping as well as key seasonal sales for brands (Prime Day, Black Friday, etc.)
From the early-bird shoppers who meticulously plan to the last-minute buyers looking for a steal, we’ll dive into the interesting ways consumers interact with the market in the months leading up to the festivities. Let’s unwrap the top statistics behind the most anticipated shopping season of the year.
Check out our webinars covering the 2023 Playbook for Q4 and Holiday Success.
The Most Important Holiday Shopping Statistics for 2023
Let’s dive into the key holiday shopping statistics that are shaping how we shop in 2023.
Holiday Consumer Spending Statistics
Consumers spent $211.7 billion online over the 2022 holiday season , an increase of 3.5% year over year, per Adobe Analytics (Source).
Roughly 30% of shoppers gear up to kick off their holiday shopping as early as October or even before (2022 holiday shopper study).
57% of consumers will begin holiday shopping on or before Thanksgiving (Source).
Just 15% of consumers plan to wait until December to begin holiday shopping (Source).
60% of U.S. holiday shoppers plan on spending more than $250, with 10% planning to spend more than $1,000. (2022 Tinuiti Holiday Shopper Study).
The top influences for holiday purchase decisions include: Price (50%), sales or discounts (22%), free shipping (13%), fast shipping (7%), BOPIS (4%), easy returns (4%) (Tinuiti 2022 Holiday Shopper Study).
When making last minute gift purchases – 58% go in store and purchase, 39% get physical gift cards, 24% BOPIS, 23% get electronic gift cards, 21% will order products online even if it means a late gift, 15% will buy supplies to make a gift (Tinuiti 2022 Holiday Shopper Study).
As of 2021, 60% of consumers have reported using a Buy Now Pay Later (BNPL) service (Source).
In 2022, consumers prioritized smaller purchases, with 72% stating they spent under $200 on a mix of holiday gifting and everyday essentials (Source).
Across the 2022 holiday season, consumers spent a total of $1.14 trillion online globally and $270 billion in the U.S. (Source).
In 2022, holiday season retail sales grew by 4.8% YoY, following two years of surging retail and ecommerce growth. We expect a similar gain of 4.5% for the 2023 holiday season (Source).
On average, 46% of global consumers preferred Buy Now Pay Later (BNPL) in comparison to a quarter of consumers who said they would opt for credit cards (Source).
Households earning over $150K actually plan to spend 21% – almost $327 more – than they did last year on holiday purchases (Source).
Shoppers look at social media for inspiration during the holiday season with 56% of Gen Z respondents saying they look at TikTok and 38% of Boomers check out Facebook (Tinuiti 2023 Holiday Report).
Online Holiday Shopping Statistics
Online shopping has essentially become a holiday tradition of its own. In our digital age, more people are turning to their screens to find the perfect gifts, making online shopping a dominant force in the holiday season. Let’s check out some of the top online shopping stats.
62% of shoppers plan to “buy mostly online” (Source).
Paid search remained the biggest driver of sales for retailers, with 29% of online sales attributed to that channel. Direct web visits (19%), organic search (17%), affiliates/partners (16%), and email (15%) were also major drivers (Source).
According to a September 2022 survey, more than half of GenZ consumers in the U.S. expected to buy more online and in-store this holiday season than last year (Source).
75% of respondents to our Holiday Survey said they will do at least some of their gift shopping on their phone (Tinuiti Holiday Study, 2021).
Only 14% of customers plan to shop online only (Tinuiti 2022 Holiday Shopper Study).
70% of online shoppers foresee making purchases on their phone, 31% on tablet, 55% on desktop, and 8% using voice assistant devices (Tinuiti 2022 Holiday Shopper Study).
85% of Gen Z plans to use a phone or tablet to holiday shop compared to 87% of millennials (Tinuiti 2022 Holiday Shopper Study).
86% of shoppers will holiday shop on Amazon, 60% on Walmart.com, and 47% on Target (Tinuiti 2022 Holiday Shopper Study).
Roughly 57% of U.S. consumers plan to shop online during the holiday season (Source).
More than 80% of shoppers 40 and under will use their phones to find gifts, as will 66% of those over 40 (Tinuiti Holiday Shopping Report, 2021).
In-store Holiday Shopping Statistics
While online shopping dominates, don’t count brick-and-mortar stores out. Let’s explore key statistics that shed light on the popularity of in-store shopping during the holiday season.
85% of holiday shoppers plan to do at least some of their shopping in-store, the majority saying they will first check availability/stock before going to stores. (Source)
Only 8% of customers plan to shop in store only with 39% majority online and some in store (Tinuiti Holiday Shopping Report, 2021).
According to a survey, in both 2021 and 2022, 43% of shoppers in the U.S. planned to go to stores (Source).
47% of respondents stated that they plan to make their holiday purchases at a department store (Source).
44.1 million people are expecting to shop exclusively in stores on Super Saturday (Source).
More than 122.7 million people visited bricks-and-mortar stores over the 2022 Thanksgiving holiday weekend, up 17% from 2021 (Source).
Black Friday, Cyber Monday, & Early Prime Day Statistics
From the frenzy of Black Friday and Cyber Monday to the anticipation of The Prime Early Access Sale, these events set the stage for incredible deals and mark the beginning of a shopping extravaganza. Let’s check out some of the top statistics for these major shopping holidays.
28% plan to start shopping on Black Friday or Cyber Monday (Source).
Cyber Monday 2022 was the largest retail ecommerce sales day in U.S. history with consumers spending $11.3 billion online—a 5.8% increase over 2021 (Source).
29% of Prime Early Access shoppers used the sale to purchase holiday gifts. Of those who purchased gifts, 69% say they completed less than half of their holiday shopping, and 95% say they’re likely to shop on Amazon again for additional holiday items in the next three months. (Source).
Consumers spent a record $9.12 billion while online shopping last Black Friday, which tracks more than 85% of the top 100 U.S. online retailers. That’s an increase of 2.3% over a year ago (Source).
U.S. retail sales on Black Friday rose 12% year-over-year (Source).
Conclusion
Preparation is the cornerstone of holiday success for brands. Understanding the intricacies of consumer behavior, harnessing the power of seasonal sales, and embracing the surge of online and in-store shopping can make all the difference in your bottom line. If you need assistance in getting prepared for the fast approaching holiday season, we can help. Contact us today and make sure to check out our webinars covering the 2023 Playbook for Q4 and Holiday Success.
