Consumer spend data expert analyzes holiday purchase patterns and behaviors
TORONTO, December 07, 2021--(BUSINESS WIRE)--Sensibill, the only customer data platform designed specifically for the financial services industry, shares this month’s Sensibill Barcode Report on consumer spending trends related to Black Friday and Cyber Monday shopping, leveraging customer spend data, including SKU-level data and transactions, to uncover the deepest and most relevant insights into consumer spending.
The Sensibill Barcode Report transforms customer spend data derived from financial documents into consumable and actionable insights that organizations can leverage to better understand their spending habits and behaviors. Sensibill has amassed a database of transactions from 220,000 merchants worldwide, including all of the top 100 merchants in the U.S. and Canada. Of these merchants, the company has extracted more than 6 million unique SKUs across 32 different countries, developing more than 6,000 unique product categories. In this report, Sensibill analyzed millions of receipts from U.S. and Canadian consumers to show how technology needs have shifted throughout the pandemic.
Key Highlights & Trends
Overall, consumer spending during Black Friday dropped 62% this year compared to last. However, in the past two years, consumer spending during this time has increased by 4-5 times more than consumer spending on any other November day. In 2021, consumer spending doubled on Black Friday compared to any other November day.
Household appliances were a popular purchase category this past Black Friday; consumer spend increased by 346% when compared to any other day in November 2021. Consumer spending in this category increased by 137% on Saturday and 246% on Sunday when compared to any other day in November. 26% of total consumer spend in this category on Black Friday was made up of air fryer purchases.
Of those who shopped on Black Friday, 100% of them returned every day through Cyber Monday to make purchases, compared to those who did not shop on Black Friday but did the other days of the weekend. There were 38% of consumers who shopped on Saturday after Black Friday only and 35% the Sunday after Black Friday only – neither of which returned for a Cyber Monday purchase.
Of the consumers who shopped on Black Friday, 12% of them purchased items at midnight and 12% purchased items at 2 p.m. that day.
Overall, compared to 2020, consumer spending during Black Friday increased by 3%. In the past two years, consumer spending a day before Black Friday increased by 2-3 times more than consumer spending on any other November day and doubled on Black Friday. In 2021, consumer spending on Black Friday alone was 6 times consumer spending on any other November day.
Household appliances and consumer electronics were a popular purchase category this past Black Friday and Cyber Monday; consumer spend increased by 139% and 113% when compared to any other day in November 2021. Purchase activity continued into Saturday and Sunday. Half of the total consumer spend in household appliances on Black Friday was made up of kitchenware purchases, while 83% of the total consumer spend in the same category on Cyber Monday was made up of vacuum purchases.
Of the users who shopped on Black Friday, 100% of them returned every day through Cyber Monday to make purchases, compared to those who did not shop on Black Friday but did the other days of the weekend. Of these users, 51% of them shopped on Saturday after Black Friday only and 30% the Sunday after Black Friday only – neither of which returned for a Cyber Monday purchase.
Of the consumers who shopped on Black Friday, 12% purchased items at midnight and 12% purchased items at 2 p.m. on Black Friday.
Izabella Gabowicz, Chief Operating Officer at Sensibill, said, "Black Friday and Cyber Monday are historically two of the busiest days for holiday shopping, but activity was down for U.S. consumers compared to Canadians this year. Based on these patterns, U.S.-based companies may want to consider which products and services are most compelling to consumers, as they identify discounts and promotions to incentivize consumers over the holidays. Knowing which consumer spend categories are most popular can help companies advertise, create timely campaigns and promotions to more effectively communicate and engage with relevant audiences."
Please click here for the full version of the report.
Sensibill is the only customer data platform designed specifically for the financial services industry. The AI-powered platform combines ethically sourced first party data with real-time, actionable insights, helping financial institutions drive personalization at scale while creating compelling digital experiences for their customers. More than 60 million users across over 150 financial institutions in North America and the U.K. leverage Sensibill’s platform today. Visit www.getsensibill.com for more, and check out our monthly Barcode Report for consumable and actionable insights based on consumer spending trends.
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