It’s only October, but we’re officially in the thick of the holiday shopping season. Amazon Prime Big Deal Days, Target Circle Week, Walmart Holiday Deals, and more have kicked off holiday spending in a big way. Here’s what we know about the start of the shopping season and what experts are predicting for Black Friday.
Amazon's fall sale delivered impressive results, fueling momentum ahead of the holiday season. With deep discounts on popular items like electronics, fashion, and home goods, this two-day event attracted millions of shoppers looking to get a head start on holiday spending. Amazon boasted that it was its biggest October shopping event ever, with Prime members saving more than $1 billion thanks to the promotions.
According to insights from data firm Numerator, the top five categories on Amazon during Prime Big Deal Days were:
Notably, more than half of these shoppers compared prices from Amazon with other retailers like Walmart, Target, Costco, and others. This indicates that there is an opportunity for brands and retailers to win over customers who are close to purchasing—and while price is obviously a driving factor, having a superior experience and strong visual content could be a key differentiator.
Following the success of Prime Day, experts are optimistic about Black Friday and the Cyber 5 shopping days. According to the National Retail Federation (NRF), holiday sales are expected to see steady growth this year, driven by consumer confidence in the economy.
NRF predicts a 3-4% increase in holiday sales compared to 2023, with ecommerce continuing to play a major role in driving revenue.
In its forecast, Bain & Company echoed similar sentiments for Black Friday 2024, projecting modest growth in spending compared to previous years. In total, the company predicted retail sales could surpass $75 billion during the Cyber 5. Popular ecommerce categories are likely to include consumer electronics, apparel, furniture, and toys.
Another key trend for 2024 is the extension of the holiday shopping period, with more retailers rolling out deals earlier than ever. Prime Day and early Black Friday promotions, such as Target’s Circle Week, spurred consumers to act on early discounts, making the holiday shopping period a longer affair that extends beyond the traditional Thanksgiving weekend.
For ecommerce and retail brands, the challenge will be maintaining a consistent stream of holiday campaigns without running afoul of consumer sentiment. A lot can happen during an entire quarter of marketing to holiday shoppers, and the brands that have made monitoring consumer preferences and trends a part of their visual content strategy will be in a better position to win.
Prime Day's strong sales and early Black Friday promotions, combined with the expert outlook, point toward a robust holiday season. However, brands and retailers need to manage their visual content strategy to stand out among fierce competition.
With steady sales growth forecasted and new trends in consumer behavior emerging, the 2024 holiday season is shaping up to be a competitive and dynamic period for both retailers and shoppers alike. Are you ready? Join Vizit’s webinar, “Save Your Black Friday With Visual AI,” to learn more about the image optimization trends and best practices for major categories during the Cyber 5.
Vizit is the first—and only—way to predict, measure, optimize, and monitor your ecommerce content’s effectiveness so you can deliver the right content for consumer audiences at scale.
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