Highest spending happened on Black Friday
Envestnet® | Yodlee® data shows the biggest day for consumers to spend from Thanksgiving Day through Cyber Monday was on Black Friday. This held true for both online and in-store shopping (see Figure 1). Our findings are supported by a report from the National Retail Federation (NRF) that reported Black Friday was the most popular day for shopping during the 5-day Thanksgiving weekend.
According to that same NRF survey, a record 200.4 million consumers shopped over the holiday weekend, surpassing last year’s record of 196.7 million. The figures surpassed NRF’s initial expectations of 182 million shoppers by more than 18 million.
Spend on toys on Black Friday hits a high for the year
Yodlee data in Figure 2 shows a spike for several categories on Black Friday versus the rest of the year. As expected, categories like toys, jewelry and watches, and sporting goods, and video games all experienced outsized spending versus the early part of the year. These spending spikes correlate with data reported by the NRF, which said that the top gifts purchased were clothing and accessories (bought by 49% of those surveyed), toys (31%), gift cards (25%), books, video games and other media (23%), and personal care or beauty items (23%).
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
To learn more about Envestnet | Yodlee Merchant and Retail Insights and get a free demo, please contact an Envestnet | Yodlee sales representative.
