- Online shopping portals associated with client loyalty programs and delivered by Collinson Valuedynamx saw a 28 percent year-on-year jump in spend with flower and gift retailers and a 46 percent boost to health, beauty and wellness; while electronics and appliance spend fell 11 percent and luxury was down 20 percent for the same period
- The Valuedynamx global network of loyalty commerce platforms saw a very different Black Friday shopping season in 2020, rounding out a year of evolved consumer needs and shopping habits as a result of COVID-19
- November also saw travelers make more long-term holiday bookings, averaging 97 days from purchase date, whereas from July to October no bookings were made more than 60 days out; indicating traveler confidence is starting to rise
- The 2020 Black Friday data highlights the importance of the loyalty commerce ecosystem to support diversified revenue streams for brands as shopping habits continue to evolve amidst the COVID-19 pandemic
PLANO, TX – Black Friday loyalty program shoppers in 2020 spent significantly more than in previous years on items to show their love and appreciation for friends, family and themselves. At the same time, spending on traditional Black Friday categories like electronics and appliances, and luxury, fell. November 2020 also saw rising traveler confidence, with consumers booking trips over three months in advance.
The new data comes from Collinson’s global network of loyalty commerce platforms, delivered by Collinson Valuedynamx, which provides access to over 300 million loyalty program members across 24 loyalty online shopping portals and saw a 10 percent increase in unique shoppers this year on Black Friday, compared to 2019.
The Black Friday figures from Valuedynamx align with data from the U.S. that indicates that Black Friday 2020 was the second-largest online spending day in U.S. history. Overall holiday spending is on track to increase, compared to 2019, with the National Retail Federation expecting holiday sales this year to rise between 3.6 percent and 5.2 percent from last year.
Spending on Gifts for Loved Ones
This year’s Black Friday figures indicate that in a year when many people have been unable to physically gather, consumers are using their spending power to purchase gifts and flowers for loved ones. Spending on flowers, chocolates and other items from gift retailers rose 29 percent in 2020 in comparison to the same period last year, as consumers chose to take advantage of pre-Christmas offers, rather than spending on the traditional big-ticket items normally purchased on Black Friday and the surrounding weeks.
Self-Care Supersedes Traditional Black Friday Categories
While traditionally Black Friday and the surrounding weeks are a time to purchase big-ticket electronics, in 2020, spending in this category fell 11 percent. This is possibly an effect of big electrical spends earlier in the year when, due to COVID, many people prepared to cook, work and entertain themselves at home; leading sales of electronics and appliances to grow 32 percent year-on-year (YoY) in the first half of 2020.
On the other hand, spend on self-care was up compared to 2019. Consumers focused on athletic gear, with sports and fitness retailers seeing a 104 percent jump in spend YoY, while health, wellness and beauty product purchases were up 46 percent over 2019. This data indicates a shift in consumer spend due to ongoing closures of beauty salons, the general stressors of the pandemic, and consumers’ increasing interest in personal health and wellness at this time.
Clothing and fashion retailers, meanwhile, saw spending rise 59 percent from the Black Friday period last year.
Travel Confidence on the Rise
From March 2020, travel purchases fell significantly. Where travel spending did occur, it was primarily for short-term bookings occurring less than 60 days from purchase date. However, in November 2020, the average number of days from purchase increased to 97. The willingness of consumers to book travel over three months out points to rising traveler confidence, driven by positive news around testing initiatives and the COVID-19 vaccine. In comparison, the average number of days from purchase to travel was 153 in November 2019.
James Berry, Commercial Director, Valuedynamx at Collinson, said, “This year’s Black Friday numbers are yet another indication of how much consumer shopping habits within the loyalty program landscape have evolved amidst the COVID-19 pandemic. We’ve seen the need to be very nimble in reacting to changing consumer demand across the traditional retail categories, working closely with retailers to align their rapidly changing strategies and budgets, which are reflected in tandem with the program’s goals and objectives to provide relevant everyday offers. Loyalty commerce is an increasingly key way for brands to drive engagement with consumers via an agile ecosystem that can grow and change alongside consumers’ evolving behaviors and needs.”
Valuedynamx’s robust loyalty network enables consumers to earn and spend loyalty currency linked to leading travel and financial services reward programs – connecting customers to branded engagement opportunities and providing unique data insights into how people are spending.
Valuedynamx was launched in early 2020 to deliver personalised, low friction earn and redeem experiences from within an integrated and secure online commerce ecosystem. Travel, retail and financial services partners can capitalise on the unique size and scale of the Collinson business to create a differentiated loyalty strategy that reinforces brand preference and delivers personalised engagement with customers. More than 5,000 retailers and merchant partners, 1,400 banking partners and over 90 airline and 20 hotel group partners are found within the Collinson business, supporting partners to reach millions of consumers around the globe.
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December 21, 2020 at 06:24PM
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Gifts and Self-Care Among Leading Purchases for Loyalty Members - TheWiseMarketer.com
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