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Last-minute shopping on the rise during holiday season
Retailers are under greater pressure to drive sales beyond Black Friday and into the final week of Christmas shopping as more U.S. consumers leave holiday shopping until the last minute, according to new research from purchase-based data intelligence platform Cardlytics.
Procrastination among holiday shoppers is on the increase, found Cardlytics' '2015 Holiday Retail Report', thanks in part to reliable shipping, prominent delivery guarantees and last minute sales. In the final week before Christmas last year consumers spent 12.2% more overall and 26.6% more online compared to the same period in 2013.
In fact, after dividing up shoppers into four distinct profiles, 'Last-Minute Shoppers' (those who did their shopping between 11 - 31 December) were found to be the largest segment (36%). Last-Minute Shoppers contribute to 34% of overall holiday spending, with an average transaction of $64.34.
The second-largest segment are the 'Black Friday Deal Hunters'. This segment, representing 26% of holiday shoppers, have an average transaction of $67.95 and shop from 20 November to 10 December, drawn by and spending heavily on attractive sales and promotions.
'Slow and Steady' and 'Early Birds' are the smallest segments representing 21% and 17% respectively. While 'Slow and Steady' are patient comparison shoppers who shop consistently throughout the season, 'Early Birds' sacrifice deals later in the season for 'a greater degree of efficiency'. 'Early Birds' spend the least overall of all segments, but have the highest average individual transaction size at $74.76.
"As more consumers spend their holiday budgets closer to Christmas, the challenge for retailers is to engage shoppers at every opportunity," said Dani Cushion, Chief Marketing Officer, Cardlytics. "Retailers should plan accordingly and adjust their strategy to offer variety in their deals, specifically targeted to each shopper profile throughout the holiday season."
Image via Shutterstock
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