Insider Intelligence’s June 2023 forecast brings promising expectations for online retail sales during the upcoming Black Friday and Cyber Monday shopping events in the United States.
Cyber Monday is poised to achieve a remarkable milestone by surpassing $13 billion in online sales, demonstrating robust consumer spending during this digital shopping extravaganza.
Black Friday is set to break the $10 billion barrier in online sales for the first time, underscoring the evolving consumer behavior of favoring digital transactions over traditional in-store shopping.
Despite the bustling shopping activities observed in mid-October, which may have diverted some enthusiasm from the Cyber Five shopping period (Thanksgiving through Cyber Monday), the week is expected to significantly contribute to e-commerce sales, according to the Holiday Shopping 2023 report.
The Cyber Five e-commerce sales are projected to constitute a substantial 15.8% of the total US holiday retail e-commerce sales, estimated to reach an impressive $253.71 billion.
These forecasts underscore the escalating preference for online shopping, with consumers embracing the convenience and accessibility offered by digital platforms during pivotal shopping periods. As e-commerce continues to wield substantial influence in holiday shopping dynamics, retailers are poised to leverage online channels strategically to engage and cater to evolving consumer demands.
Additionally, another recent report shows that 31% of US internet users are expected to partake in shopping activities on both Black Friday and Cyber Monday. The average shopper is predicted to spend $1,652 during this year’s holiday season, signaling an increase from the previous year and potentially indicating a rebound in consumer confidence. Late November is anticipated to be the peak for holiday spending, with 78% of active shoppers planning purchases during this period. The report projects total holiday sales to reach $1.317 trillion, reflecting a 4.5% increase from the previous year and underscoring the broader economic recovery and resurgence in consumer spending during the festive season.