Mid-December is a traditionally slow stretch for retailers after the shopping frenzy that is Black Friday weekend.
Well, not anymore.
According to market research firm Senex, a combination of attractive prices and sharp promotions have kept consumers coming back, with post-Cyber Monday sales hitting $440 per household through Dec. 19, compared with the $516 spent on average between Thanksgiving and Cyber Monday.
The unusual mid-month spending spree — an increase of 7 percent year over year — has also produced a new winner in the holiday shopping stakes: Walmart. After tying with Amazon for No. 1 share of purse over the Thanksgiving stretch, the world’s largest discount chain has pulled ahead, drawing 69 percent of household purchases vs. 64 percent for Amazon.
But together the pair have left the rest of retail in the dust, with Target (at 38 percent), Kohl’s (29 percent) and Toys“R”Us (28 percent) rounding out the top five (see chart, below).
“These results from the consumer corroborate what our retailer partners have been telling us,” said Senex president Bob Tancula. “Retailers have been able to offer extremely attractive pricing and promotions, which have kept traffic flow consistent and spend fairly constant. It’s great to see such positive news in our latest report.”
Tancula, a longtime TWICE Top 100 Retailers Report research partner, noted that the siren song of sales promotions also led to unplanned purchases. According to a Senex Shopping Trends survey, 53 percent of respondents acknowledged that good deals induced them to purchase things they weren’t planning to buy.
The study also showed that more post-Cyber Monday shopping was conducted online (88 percent) than in stores (68 percent) due to consumer time constraints, and that with the Christmas deadline approaching, close rates hit nearly 100 percent across both channels.
What hasn’t changed are consumer product preferences. Apparel and footwear still lead the pack with 79 percent of post-Cyber Monday purchases, followed by CE at 69 percent and non-tech toys at 56 percent.
The good news for sleepless sales associates and delivery drivers is that the crush is almost over, with 70 percent of shoppers having finished or nearly finished their holiday spending.
Senex, headquartered in Louisville, Ky., with offices in Montana, provides insights on retailers, channels, trades, consumers and products for the home. Its principals have consulted with manufacturers and retailers for over 25 years about identifying trends and opportunities to grow their businesses.
Where Consumers Purchased
Top Ten Retailers from Nov. 23 – Dec. 19
What Consumers Purchased
Nov. 23 – Dec. 19