2023 cyber five retail report
It’s almost that time of year again! Due to COVID-19's worldwide halt, the retail industry has undergone significant transformations and adaptations to navigate the unprecedented challenges it faced. After three years, total retail growth is finally finding its way back to normal.
The U.S. holiday retail season is preparing for its highest grossing year yet, anticipating a 4.5% increase and accumulating $1,327.97 billion in sales, eMarketer reports. E-commerce sales are also expected to grow nearly 12% during the holiday season, contributing to 19.6% of total spend in 2023. In 2022, almost 33% of U.S. holiday retail sales occured between Black Friday and Christmas, with 59% of shoppers preferring to purchase gifts online. Cyber Five e-commerce sales accumulated $37.88 billion in the U.S.with Cyber Monday topping the growth rate list with a 9% increase from 2021.
The Cyber Five
Every year, millions of Americans restlessly await the week of sales between Thanksgiving and Cyber Monday before making their holiday purchases. Despite slight inflationary progress, consumers are still looking to get the best bang for their buck, and the Cyber Five; Thanksgiving Day, Black Friday, Small Business Saturday, Cyber Sunday, and Cyber Monday, is the event for just that.
Thanksgiving Day
While Americans make sure to celebrate and give thanks, they also recognize the significance of saving money, and finding deals even on Thanksgiving Day. Last year saw a 4.3% escalation in sales growth, reaching $5.63 billion.
Black Friday
U.S. consumers spent almost $10 billion alone on Black Friday shopping in 2022, the highest Cyber 5 sale following Cyber Monday, with the average shopper spending $430. More than 150 million Americans make purchases on Black Friday, with 57% of them buying online, according to CapitalOne Shopping. On this day, toys have an average discount of 22.4%, apparel 15.7%, computers 13.6%, and appliances 8.6%.
Small Business Saturday
The Saturday following Thanksgiving encourages shoppers to contribute to small businesses. In 2022, there was a 2.5% increase in e-commerce sales, reaching $5.10 billion.
Cyber Sunday
While Cyber Monday significantly tops the others in sales, shoppers have also found an advantage in shopping the day before. Cyber Sunday slightly increased sales to $4.94 billion, a 0.5% increase from the year prior.
Cyber Monday
2022 held a record breaking year for spend on Cyber Monday, with 99.6 million Americans contributing $11.3 billion to the day’s sales, $100 million more than anticipated. Electronics and clothing were the most sought after Cyber Monday products. The industry awaits another promising year in 2023, looking to once again exceed expectations.
2023 Projections
We forecast each Cyber Five shopping day to surpass $5 billion in sales. The top two spending days—Cyber Monday and Black Friday—will top $10 billion, but Thanksgiving Day and the weekend will post the strongest growth rates. With holiday shopping in the U.S. is rapidly shifting online, brands need to be “retail ready” with their e-commerce presence and content.
• Thanksgiving Day: $5.9 billion.
• Black Friday: $10.4 billion
• Small Business Saturday: $5.5 billion
• Cyber Sunday: $5.2 billion
• Cyber Monday: $11.9 billion
Get retail ready with Causal IQ
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