According to Signifyd’s latest Holiday Ecommerce Pulse projection, U.S. e-commerce spending during the 2024 holiday season is set to increase by 7%, with Cyber Five sales anticipated to rise by 8%. Despite a cautious consumer sentiment and a 3% decline in average order value, the overall growth in online shopping remains strong.
The report suggests a significant shift in shopping behavior, as consumers increasingly opt for budget-friendly alternatives. While individual order values have decreased, the overall e-commerce spending for the fourth quarter (October to December) is expected to reflect a robust increase, particularly in December, which is projected to see an 18% surge in sales due to the timing of major shopping days.
Signifyd’s findings indicate a mixed performance in back-to-school shopping, but categories like fashion and apparel showed resilience, with a projected growth of 12% during the holiday season. With October expected to see a 5% rise in e-commerce spending, November might experience a 2% decline compared to last year, highlighting the changing dynamics of consumer shopping patterns.
Phelim Killough, senior data analyst at Signifyd, emphasized the importance for retailers to adapt by offering discounts and differentiating their products to attract cost-conscious shoppers. As demand remains high, retailers should be prepared to respond to consumer behavior during this critical shopping period.
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