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Costco Spend Leading Up to Black Friday 2022

Happy Thanksgiving everyone! In today's Black Friday Spend Trend we check out how Costco spend is doing leading up to the retail's biggest day this year compared to years past, according to the latest customer spending and transaction data. Costco has shown strong growth every year for the past 4 despite the pandemic. Will Black Friday 2022 (or Black Friday 2023) be any different?

We’ll have to wait and see what the 2022 Black Friday transaction data reveals. In the meantime, let’s take a closer look at why Black Friday data — and, by extension, Cyber Monday data — matter to consumers, retailers, and others.

Why Black Friday & Cyber Monday Matter in Retail

Black Friday and Cyber Monday have evolved into two of the most significant shopping events on the retail calendar, marking the unofficial start of the holiday shopping season. Occurring on the Friday and Monday following Thanksgiving, these events signal a frenzy of deals and discounts that attract millions of shoppers both in-store and online.

Customer Shopping Patterns

Black Friday & Cyber Monday shoppers aren’t spending exactly the same as they did 5 to 10 years ago. Instead, some of the new consumer shopping patterns on these sales holidays include:

  • Early Deals & Research: Many customers start researching deals in the weeks leading up to Black Friday and Cyber Monday, and some retailers now offer "pre-Black Friday" sales to capture early interest.

  • More Online Shopping: While Black Friday traditionally focused on in-store shopping, there's been a major shift toward online purchases, especially with the convenience of e-commerce and increased mobile shopping. Cyber Monday remains primarily online, with customers favoring digital channels for electronics, fashion, and home goods.

  • Bargain Hunting: Customers are highly price-sensitive, often looking for steep discounts on big-ticket items like electronics, appliances, and apparel. The rise of comparison shopping has made it easier for consumers to identify the best deals quickly.

  • Social Media & Influencer Marketing: Shoppers often follow brands and influencers on social media to learn about exclusive deals and promotions, making these platforms key drivers for sales. T

Recent Trends for Black Friday & Cyber Monday

Always looking to get a leg up on competitors and offering something others aren’t, many retailers have shifting gears recently, with some of the latest trends including:

  1. Extended Shopping Seasons: Black Friday and Cyber Monday are no longer just two isolated days. Many retailers extend their promotions into a "Cyber Week" or even throughout November, with special offers and/or rotating sales over a longer period.

  2. Buy-Now-Pay-Later (BNPL): The use of BNPL services has surged lately, allowing consumers to stretch their budgets and make larger purchases without the pressure of immediate payment.

  3. Mobile Shopping: Mobile commerce has become a dominant force, with more shoppers using smartphones to browse, compare, and purchase deals. Retailers are investing in mobile-optimized websites and apps to capture these sales.

  4. Sustainability & Conscious Shopping: An increasing number of consumers are looking for eco-friendly options and sustainable brands. This has pushed retailers to offer "Green Friday" deals or highlight eco-conscious products during these shopping events.

Why Black Friday & Cyber Monday Matter in the Retail Calendar

Many retailers earmark Black Friday and Cyber Monday as major revenue-driving events of the retailer annual sales calendar. That’s because these shopping holidays and once-a-year-sales-events are often associated with:

  • Revenue Boosts: These events account for a significant portion of annual sales for many retailers. For some, it can represent up to 30-40% of total yearly revenue.

  • Inventory Clearance: Black Friday and Cyber Monday offer retailers a chance to clear out older inventory before introducing new products for the holiday season or upcoming year.

  • Brand Exposure: The heightened interest around these shopping events provides an opportunity for brands to attract new customers, showcase their best products, and boost brand visibility.

Why Black Friday & Cyber Monday Spending Data Matter for Forward-Thinking Retailers

Beyond 2022, those in and outside the retail space will continue to keep their eyes on the latest Black Friday data, Cyber Monday day, and the trends they appear to highlight, particularly with regards to:

  • Consumer Insights: Spending data from these events provides insights into customer preferences, allowing retailers to tailor future promotions and product offerings based on what resonates most.

  • Inventory & Supply Chain Planning: Analyzing spending patterns helps retailers optimize inventory levels, avoid overstocking or understocking, and streamline supply chain management for future seasons.

  • Competitive Benchmarking: Understanding how customers spend during Black Friday and Cyber Monday offers valuable benchmarking against competitors. This insight can guide pricing strategies, marketing approaches, and product assortments to stay ahead.

  • Forecasting & Strategic Planning: The data collected during these shopping events helps forecast demand for the remainder of the holiday season and beyond, informing pricing strategies, marketing campaigns, and staffing requirements.

In today's ultra-competitive retail landscape, Black Friday and Cyber Monday spending data are crucial for retailers aiming to stay ahead. Those who analyze this data effectively can identify emerging trends, understand consumer behavior, and fine-tune their strategies, gaining a decisive advantage as they navigate the ever-evolving world of retail.

Keywords: Costco, Black Friday, Holiday Shopping, Shopping Data, Infographics, Consumer Trends, Inflation, CPI, Consumer Price Index, Retail Shopping Trends

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