The holiday season is always a bustling time for retailers, and 2023 is no exception. This year, global retail spending is expected to go up by 4.5%, reaching a total of $1.3 trillion. 

What’s more, AI technology will play a big role, contributing to $194 billion in online holiday sales

To give a better overview of this season’s shopping trends, I have compiled some of the most insightful holiday shopping statistics to help you understand the true state of holiday shopping numbers. 🎁📊🛍️

2023 Holiday Shopping Predictions

  • In 2023, global online holiday sales will be around $1.2 trillion. 
  • US holiday sales will grow 1% YoY to $273 billion.
  • AI will drive $194 billion in online holiday sales.
  • Overall global retail spending will rise 4.5% to $1.3 trillion for the 2023 holiday season.
  • Holiday shopping can account for up to 30 percent of a retailer’s annual sales.

Source: (Martech, Salesforce, Salesforce, eMarketer)

2022 Holiday Shopping Statistics

  • Consumers spent $211.7 billion online over the 2022 holiday season , an increase of 3.5% year over year.
  • According to a 2022 survey, 57% of U.S. consumers planned to shop online during the holiday season.
  • In the last decade, holiday retail sales have increased by 4.9% on average year over year.
  • In 2022, the average discount rate for holiday shopping in the U.S. was 23%, up 10% from the previous year.
  • Holiday shopping can account for up to 30 percent of a retailer’s annual sales. 
  • The NRF says that holiday sales in 2022 went up by 5.3% to $936,3 billion.
  • 49% of holiday shoppers will do more online shipping so they can ship directly to family and friends in 2021. 
  • Shoppers spent 8.4% more on Thanksgiving, 6.9% more on Black Friday and Cyber Week, and 6.5% more on Christmas.
  • Overall, consumers plan to spend an average of $1,430 on gifts, travel and entertainment this year. 
  • 74% of consumers plan to spend the same or more on holiday gifts this year compared to last year.
  • 47% of consumers cited free shipping as something that would influence where they shop for holiday gifts in 2021.

Sources: ( Statista, Retail Drive, NRF, The NPD Group / Annual Holiday Study 2021, NRF, MentalFloss, PWC, PWC, NPD 2021)

Holiday Shopping Statistics 2021

  • Global Holiday sales reached $886.7 billion in 2021.
  • The 2021 holiday season saw a 16.1% increase in US retail sales.
  • Shoppers spent $579 on holiday-related items in 2021, up from $457 in 2020
  • U.S. consumers spent a record $204 billion online this holiday season.
  • In 2021, consumers spent $33.9 billion between Thanksgiving and Cyber Monday, a 1.4% decrease year on year. 

Source: (NRF, eMarketer, Business Wire, Adobe, Deloitte)

49% of Holiday Shoppers Prioritize Online Shopping for Direct Family Shipments

Important takeaway:

Greater emphasis on online retailWith 49% of consumers choosing online shopping for holiday purchases, businesses must prioritize enhancing their e-commerce strategies.
Need for efficient shipping solutionsThe shift towards direct shipping implies businesses should invest in logistics for timely and accurate delivery.
Building online shopping experiencesCompanies should design user-friendly websites and mobile apps to cater to the increased online shopper base.
Importance of personalized giftingBusinesses can capitalize on this trend by offering personalized gifts and packaging services for family and friends.

Source: The NPD Group / Annual Holiday Study 2021

Thanksgiving Sees 8.4%, Black Friday 6.9%, and Christmas 6.5% Shopping Surge

Important takeaway:

Expanding holiday marketing strategiesIncrease in spending on key holiday events suggests retailers should enhance promotional campaigns during these periods.
Diversification of sales eventsThe varied growth across events indicates businesses should not limit sales to a single occasion but diversify.
Need for dynamic pricing strategiesBusinesses should consider dynamic pricing to maximize profits during these high-spend periods.
Enhanced inventory managementTo accommodate the increased demand, retailers should optimize inventory management for these specific holidays.

Source: NRF

Retailers Eyeing Holiday Shopping as It Yields 30% Annual Sales

Important takeaway:

Importance of holiday season for retailWith 30% of annual sales during holidays, businesses should prioritize seasonal marketing and sales strategies.
Staffing and operation adjustmentsImportance of the holiday season for retail
Focus on inventory preparationRetailers need to ensure sufficient stock availability to cater to the holiday shopping surge.
Enhanced customer serviceHigh sales volume demands exceptional customer service to retain and attract holiday shoppers.

Source: MentalFloss

Average Consumer Spend for 2023 Holidays Hits $1,430

Important takeaway:

Opportunities in diverse sectorsThe average spend covers gifts, travel, and entertainment, suggesting businesses in these areas should optimize offerings.
Creation of bundled offersBusinesses could create attractive packages combining these elements to entice consumers.
Importance of value propositionRetailers need to provide value for money to justify the high average spend of consumers.
Enhanced marketing strategiesHighlighting premium products in these sectors could lead to higher consumer spending.

Source: PWC

74% of Consumers Unfazed by Previous Expenditure, Vow the Same or More Holiday Spend

74% of consumers plan to spend the same or more on holiday gifts this year compared to last year

Important takeaway:

Stable or growing holiday marketGiven 74% of consumers maintain or increase spending, retailers should expect consistent or better holiday sales.
Need for innovative gift optionsBusinesses must continually refresh their offerings to attract these consistent spenders.
Focus on customer retentionRetailers should aim to retain these customers through loyalty programs or personalized promotions.
Opportunities for upselling and cross-sellingWith potential increased spending, businesses have opportunities for upselling and cross-selling.

Source: PWC

Free Shipping Sways 47% of Consumers’ Holiday Shopping Destinations

Important takeaway:

Importance of free shippingNearly half of consumers consider free shipping crucial, indicating businesses should incorporate this in their offerings.
Competitive advantage through shippingOffering free shipping can differentiate a business from competitors and attract more shoppers.
Adjusting pricing strategiesRetailers may need to adjust pricing or margins to absorb shipping costs while staying profitable.
Improving supply chain efficiencyTo offer free shipping without hurting margins, businesses must seek ways to optimize their supply chain.

Source: NPD 2021

Holiday Shopping Statistics

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