The holiday season is just around the corner, and retailers and marketers are gearing up for the busiest shopping period of the year. It’s crucial to understand how consumer behavior is evolving and what emerging trends to expect. Experian’s 2023 Holiday spending trends and insights report analyzes recent trends, consumer spending habits, and anticipates what’s to come in 2023 to help you deliver a top-notch shopping experience this holiday season.
In this blog post, we’ll cover three key insights from our report.
1. Consumers are shopping earlier
It’s no secret that December has always been the go-to month for consumers when it comes to holiday spending. However, holiday shopping now starts earlier, particularly with online sales.
This can be attributed to a surge in promotions and deals, enticing shoppers to open their wallets ahead of time, giving a significant boost to holiday sales. Notably, Cyber Week sales have proven to be an influential factor, accounting for 8% of total consumer holiday spending.
Experian tip
Reach the right shoppers with your promotions with sell-side targeting. This powerful approach gives you control over where your ads are placed while ensuring maximum visibility through direct connections with publishers. Whether on mobile, web, or CTV, this seamless ad experience will engage your audience effectively.
2. Online sales are on the rise
The popularity of online holiday sales is continuously growing, surpassing in-store shopping. There has been a consistent 1% year-over-year increase in online sales, while in-store sales have seen a 1% decrease.
“It’s easier for consumers to comparison shop for large ticket items online that they might find at a mass retailer or office supply store. Consumers prefer to have larger, bulkier items shipped directly to their home for minimal cost. By shopping online, consumers can save time since they don’t need to wait in checkout lines.”
Anna Liparoto, Sr. Account Executive, Retail & CPG
Although online sales currently make up only one-third of all holiday shopping, there is immense potential for further expansion. Mass retailers and office, electronics, and games industries particularly excel in online holiday sales. While in-store purchases remain the primary choice for holiday shoppers, consumer online and offline activities intersect before the final purchase.
Experian tip
Take advantage of the surge in online shopping by diversifying your marketing channels. An agnostic identity graph can bring together device and media data, capturing valuable user insights. By gaining a holistic view of your target audience, you’ll be able to optimize your ad spend and allocate resources effectively, ultimately boosting your return on investment.
“Omnichannel targeting during the upcoming holiday season will continue to prove to be the best way to reach scale and maximize ROI across all marketing channels.”
Joe LigÉ, Head of Enterprise Demand Partnerships
3. 2023 holiday spending will be on par with 2022
During the holiday season in 2022, consumer spending showed an anticipated increase, although the growth rate was slightly lower compared to previous years. October saw a surge in average consumer spending, indicating a swift response to early discounts and promotions offered by retailers.
As the holiday season progressed, holiday spending gradually slowed down and reached a level similar to that of the previous year. Overall, there was a modest 2% growth. Looking into the future, if economic conditions remain stable in the second half of 2023, we can expect holiday spending to align with the figures from last year.
Experian tip
To truly maximize impact, consider data enrichment. By diving deeper into your target audience’s preferences and behaviors, you can better tailor your strategies and seamlessly integrate the enriched data across various channels. This allows you to unlock the true potential of your ad inventory, creating more meaningful connections with your audience.
Download our 2024 report
Get ready for the holiday shopping season with Experian’s 2024 Holiday spending trends and insights report. Inside you’ll find:
- Analysis of past trends and what they mean for 2024
- Exclusive predictions for the upcoming holiday season
- The top audiences to activate this holiday season
To access to all of our predictions for this year’s holiday shopping season, download our 2024 Holiday spending trends and insights report today.
Latest posts
Tapad’s TV analytics solutions now include premium national cable inventory– Travelocity asserts industry need, praises partnership — NEW YORK, February 28, 2017 — Tapad, a part of Experian, has announced its partnership with clypd, the leading audience-based sales platform for television advertising. By integrating clypd’s national cable network inventory, the partnership will expand Tapad’s extensive supply of TV inventory to include premium national cable inventory. Tapad is the leading provider of privacy-safe, cross-screen marketing technology solutions and was first-to-market with a device graph. Clypd’s robust sell-side advertising platform was one of the first built exclusively for the television industry, empowering media owners with solutions that deliver workflow automation, data-enhanced decisioning and, overall, maximize TV campaign performance. Through this partnership, Tapad’s Device Graph-powered TV tools will work in tandem with clypd’s sales platform to enable more precise audience engagement for TV ad buys. This will enable marketers to integrate their customer data or third-party digital segments into Tapad’s TV platform and use them to precisely engage their audience across clypd’s industry-leading footprint of national TV inventory. Campaigns are then optimized using Tapad’s graph-powered TV attribution, ensuring ads are aligned with the best context for each brand’s message. “Clypd is a pioneer in building TV marketplaces,” says Marshall Wong, SVP of TV market development at Tapad. “They were quick to recognize the benefits a device graph could bring to TV so that advertisers can activate linear inventory curated for any digital audience.” “Tapad’s TV activation platform increases the efficiency in which marketers can reach their intended audience on traditional linear TV,” says Doug Hurd, co-founder and EVP of business development at clypd. “Their customized, data-driven campaigns launch with precision and really increase the value marketers can extract from linear TV inventory.” "At Travelocity, we are always looking for ways to more efficiently reach our target audiences,” says Ashley Parker, head of brand marketing at Travelocity. “The combination of traditional linear TV and solutions like this offering from Tapad and clypd are bringing both the tools and the supply to make this vision a reality." Contact us today!
Understanding your users and tailoring content, not just products, within your communication strategy will help users to remember your brand.
Learn what deliverability really means in email marketing and how to ensure your customers actually receive your emails.