Holiday Shopping Trends, Consumer Spending and More Statistics for 2024

For retail brands, the whole year builds up to the holiday shopping season.

This period – which some will say starts from Thanksgiving, others from the first of November – can generate a huge chunk of a retailer’s entire yearly revenue. It’s competitive, it’s cutthroat, and it’s extremely important for any retail business.

In this article we’ve collated some of the top holiday retail trends, holiday spending statistics, consumer habits and more, to help you understand how the last two months of the year generally shake out, and what (if anything) you can expect to be different this year.

23 Holiday Shopping Statistics for 2024

Did you know that more than half of all consumers research deals on Amazon?

Or that more eCommerce sales came on mobile than desktop over the holiday season in 2023?

Read more about these, and more, statistics below. We’ve put together everything you need to know about the holiday season, primarily for eCommerce brands, but also touching on the retail industry as a whole.

So read on and broaden your understanding of this crucial part of the shopping calendar.

Total Retail Holiday Sales Topped $1.3 Trillion in the US in 2023

According to data from eMarketer Insider Intelligence, total retail sales in the US during the holiday season totaled $1.309 trillion.

This represents a YoY rise of 3.9%.

$253 Billion in Holiday eCommerce Sales

Total retail eCommerce sales over the holiday period added up to $253.71 billion in 2023.

This represents an increase of more than 11%, continuing the steady growth of eCommerce, which has seen total holiday sales more than double since 2018.

50% of Holiday eCommerce Sales in 2023 Came on Mobile

One of the most interesting holiday shopping trends is the growth of mobile commerce.

Mobile made up slightly over half of all holiday eCommerce sales in 2023.

This is a notable trend for Cyber Week in particular, where mobile has eclipsed desktop for two years in a row now, reaching as high as a 59% share of sales on Thanksgiving day.

Cyber Monday is the Busiest Online Shopping Day in the US

Cyber Monday has proven to be the busiest day of the year for eCommerce in the US.

Sales in 2023 totaled $12.4 billion – a few billion ahead of Black Friday, to make it the centerpiece of the holiday season as far as online retail goes.

Black Friday and Cyber Monday are Now Global

Already a fixture on the US shopping calendar, Black Friday and Cyber Monday are also huge shopping events in many other markets.

Consumer awareness for Black Friday is over 90% in many major countries (Australia one notable market lagging slightly behind), while Cyber Monday is slowly rising in popularity as well.

Single’s Day - The Next Big Holiday Shopping Event?

One holiday shopping event not yet entrenched on the US shopper’s calendar is Single’s Day (11/11).

Just 17% of consumers in the US are aware of Single’s Day – an event with much higher popularity in markets such as Germany, Poland and Switzerland.

With room to grow, and Cyber Week becoming more competitive, it’s possible we see this become more prominent in the US soon as well.

73% of Shoppers on Major Shopping Days Plan to Buy Gifts

For those who plan to shop on Black Friday, Cyber Monday and/or Single’s Day, the majority plan to shop for gifts.

Among US consumers, 34% plan to buy gifts, 39% plan to make gift purchases and purchases for themselves, while 18% plan to shop only for themselves.

63% of Gift Shoppers Plan to Shop with Online-Only Retailers

A large number of consumers in the US plan to shop for gifts at online-only stores.

63% of shoppers plan to buy gifts from online retailers – ahead of mass merchants (53%), department stores (24%) and Warehouse clubs (24%).

58% Plan to Shop for Clothes, Shoes & Accessories

Clothes, shoes and accessories are the most popular product category with US consumers over the holiday period – 58% of shoppers plan to make a purchase in this category.

Consumer electronics ranks second at 43%, followed by Toys and Games (35%), Childrens’ Clothes/Shoes/Accessories (29%) and Beauty and Perfumes (26%).

Consumers Expect a Minimum of 30% Off

No surprise, Black Friday shoppers expect a big discount.

Shoppers expect at least 30% off in most categories, the most being adults clothes, shoes and accessories, with consumers looking for a minimum of 34% off from promotions.

Store-Wide %-Off Discounts Are Most Popular

Of different promotion types, 60% of people are most attracted to store-wide percentage-off discounts.

58% of shoppers look for high discounts on specific items, while bundle deals (e.g. Buy One Get One) and free shipping promotions come in a little further behind.

72% of Consumers Expect Higher Prices

Though people are still flocking to stores in droves looking for great deals, most of us expect prices to be higher than they were last year.

72% of people anticipate higher prices across the board – just 6% of optimists think prices will be lower.

In terms of category, 86% of consumers expect Food and Beverage products to be more expensive, with Clothing and Accessories and Electronics close behind.

Gift Card Spending Up 38%

Always a safe bet for those who are hard to buy for, shoppers are planning to spend a lot on gift cards this holiday season.

Purchases of gift cards are expected to reach $300 average per person – a rise of 38% on a year ago.

US Shoppers Spend Over $16 Billion Using BNPL During the Holiday Season

Buy Now Pay Later services are becoming a go-to way to avoid missing out on great deals, no matter consumers’ bank balance.

Last year, BNPL facilitated nearly $1 billion in sales on Cyber Monday alone. For the holiday season as a whole, more than $16 billion was spent by US shoppers through payment plan services like Klarna, Afterpay, Affirm and more.

Average Holiday Spending Tops $1,600

The average spend for the holiday season last year was $1,652, around $200 more than the year before.

Of this, over $600 (10% growth YoY) comes from “Experiences” – things like entertainment, restaurants, concert tickets.

$554 (9% growth YoY) comes from gifts, and $466 (25% growth YoY) comes from non-gift purchases.

29% of US Consumers Start Searching for Deals in October

Though the holiday shopping season may not officially start until late November, it starts in our minds a lot sooner.

Over a quarter of US shoppers begin looking for holiday season deals in October, with a further 37% starting their search in November.

This pattern is similar in other major markets, though Australian consumers are a little more likely to leave their product research late.

51% of Holiday Spending Comes in Late November-Early December

As for actual money spent, half of US holiday shoppers open their wallets around Cyber Week.

29% of US holiday shopping spend comes in late November, with a further 22% coming in early December.

There is a significant share of sales coming earlier, however, so there’s definitely some value to be had for brands starting promotional campaigns earlier.

55% of Consumers Research Deals on Amazon

Amazon ranks as the most popular way for consumers to research and find their big holiday purchases.

55% of people research deals on Amazon, making it the go-to resource for consumers.

49% use Google to research deals, 26% on brand websites, and a smaller percentage looking for deals on social media, such as Instagram (14%), Facebook (14%) and TikTok (11%).

More than 80% of US Shoppers Plan to Shop for Gifts on Amazon

Amazon, unsurprisingly, is also the top place consumers look for gifts. 

More than 80% of people in the US plan to use Amazon to find gifts, well ahead of the next most common, Walmart (58%) and Target (42%).

Amazon Generated Over $100 Billion in Holiday Sales in 2023

It’s not just talk – Amazon generates a huge chunk of revenue in the holiday season.

The eCommerce giant made more than $100 billion for the holiday season in 2023, nearing half of all eCommerce sales in the US.

This dwarfed other major names, such as Walmart, Apple, Target, eBay and Best Buy, who don’t add up to Amazon’s sales combined.

Shoppers Returned $211.76 Billion in Online Purchases in 2023

Returns are a growing concern for online retailers.

More than $200 billion worth of products bought online were returned in 2023, a large share of those purchases made during the holiday season.

66% of Retailers Charge for Returns

With the rising cost and frequency of returns in eCommerce, many retailers are putting a stop to free returns.

As of March 2023, 66% of online retailers had a charge for shoppers to make a return, which was up from 60% half a year earlier.

87% of Shoppers Will Stop Shopping With a Brand With No Free Returns

Retailers need to weigh up the financial benefit of cutting back on free returns with the impact it will have on their image, and on conversion rate.

87% of shoppers say they’ll no longer shop with a brand if they don’t allow free returns, showing that a certain number of returns may just be the cost of doing business in eCommerce.

Takeaways and Final Thoughts

So what insights can your brand take away from the holiday shopping trends and statistics above?

Here are a few things.

• The holiday shopping season is bigger than ever. Despite concerns about rising prices, holiday sales are not slowing down – particularly eCommerce, which is growing at a faster rate.
• The mobile shopping experience is crucial. More people are shopping on mobile than desktop, so it’s essential for brands to deliver a great experience for mobile shoppers.
• The holiday season is becoming more spread out. It’s not just Black Friday and Cyber Monday; consumers are now in holiday shopping mode for the best part of two months.
• Consumers still expect great deals. The holiday season is competitive, people go shopping looking for bargains, and there are more ways for them to research and find great deals with various online channels. You need a strong strategy to stand out from the field.

Mobile apps are a powerful tool for brands come the holiday season. They help you provide a superior mobile shopping experience, and are a way to drive cheap traffic that gives you a competitive edge.

MobiLoud is the best way for eCommerce brands to build apps. To learn more about how you can build an app in less than a month, with minimal investment and overhead, check out our website or book a free demo now with one of our eCommerce experts.

Sources

Statista [1] [2] [3] [4] [5] | eMarketer [1] [2] [3] [4] | Boston Consulting Group | Deloitte