Holiday Spending Predictions Are In
On this Thanksgiving Eve, many are embarking on their journeys, preparing to host guests, and getting ready for a break from the day-to-day craziness to relax and unwind with family and friends. However, this is just the calm before the storm for retailers - if last year is any indication. Cyber Monday 2016 made its mark in U.S. e-commerce history with a total of $3.45 billion in spending.
According to early estimates, the retail industry is about to kick off a holiday shopping season that will rival last year – in fact, some have already started. The National Retail Federation estimates that consumers will spend an average of $967.13 this year on holiday gifts. As we head into this historic holiday shopping period, below are just a few of the early predictions we’ve come across.
- 20 percent of holiday shoppers – or 32 million people – plan to shop on the holiday this year (Source: NRF and Prosper Insights & Analytics)
- $2.05 billion will be spent online during Thanksgiving (Source: Adobe data)
- Consumer spending during the Black Friday weekend this year is expected to increase by 47 percent over the same period in 2016 (Source: RetailMeNot)
- Online spending (desktop, mobile, and tablet) will reach $3.52 billion (Source: Adobe data)
Small Business Saturday®:
- 43 percent (71 million) expect to shop on Saturday, November 25 (Source: NRF and Prosper Insights & Analytics)
- Of this group, the vast majority (76 percent) say they will do so to support Small Business Saturday® (Source: NRF and Prosper Insights & Analytics)
- More than 56 percent of consumers plan to make a purchase on Cyber Monday this year, compared with 39 percent last year (Source: RetailMeNot)
- Cyber Monday sales will total $3.81 billion, with mobile sales accounting for $1.24 billion of that figure (Source: Adobe data)
This is just the tip of the iceberg when it comes to how much data is being compiled by retailers and organizations around the country. Thanks to predictive analytics, the identification of emerging opportunities can be examined, which can improve competitive advantage, profitability, productivity, and, perhaps most critical this holiday season, customer loyalty and retention.
Predictive analytics can aid brands in not only identifying new opportunities, but also avoiding disasters that can hurt their bottom lines. For instance, insights into online spending can guide retailers to optimize their sites across a variety of devices, including smartphones and tablets. After all, now is probably the worst time of the year for your site crash.
Information Builders’ predictive analytics solution provides a single platform for business intelligence (BI), data modeling, and scoring. With it, organizations can avoid having to purchase and maintain multiple tools. In addition, analysts can spend less time extracting data while costs are reduced, maintenance is simplified, and IT resources are optimized. The technology allows decision-making to be based on accurate, validated future predictions - not gut instinct.
Want to learn more about predictive analytics? Be sure to view this video featuring Chris Banks, our director of BI and Performance Management solutions.