Despite everything going on in the world around us and the fear of recession, we saw November retail shopping volumes – driven by Singles Day (11/11), Black Friday (27/11) and Cyber Monday (30/11) - hit new all-time highs. At a massive $5b, November’s retail spend was even bigger than the biggest months experienced over lockdown (May, $4.1b).
A reduced ability to travel may have been behind an increase in discretionary spend for many. For others, the tougher economic conditions meant getting the Christmas shopping done in the sales is a practical necessity. Whatever the reason, we saw November sales growth outstrip the same period last year. Hopefully, shoppers haven’t over-extended their wallets, with Buy Now Pay Later deferred payment sales up 42% on November last year.
Total spend (online and off) in November: