VMLY&R COMMERCE Releases Holiday Trends Report
The biggest shopping period of the year has kicked off with Black Friday and Cyber Monday and yet again, we see that Commerce has become much more than just a transaction. It is an interaction between brands and consumers.
In contrast to China’s shopping extravaganza 11.11, Black Friday saw a step-back compared with 2020, generating $8.9bn in online sales versus $9bn last year. This trend continued into Cyber Monday, which racked up $10.7bn in online sales, down 1.4% from 2020. This decline was due to multiple factors: supply chain issues that have dogged the industry, 'Grey Friday' (spreading deals over a range of days), and lower discounts than previous years. The forecast remains rosy though with overall sales for the US holiday season projected to rise by a record 8.5% to 10.5%, reaching an estimated $859 billion, according to the NRF.
With this holiday season a testament to Commerce as the new canvas of creativity, read as VMLY&R COMMERCE takes a deeper dive into how brands and retailers leaned into new strategies and platforms to engage shoppers beyond the discounts to find growth.
