Similar to the sales growth predictions we reported last week for the holiday season, consumer holiday-related spending rose by 6.7% compared to 2021.
As we start the new year, this week we look at how the holiday season played out and look at the retail trends we expect to make waves in 2023.
THIS WEEK’S HIGHLIGHTS
- 5G in retail: Top 5 changes 5G could bring to the retail industry in 2023.
- Report: Total holiday spend grew by nearly 7% in 2022.
- 3 Trends for 2023: The retail trends we expect to take form in 2023.
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Total holiday spend grew nearly 7% in 2022
Similar to the sales growth predictions we reported last week for the holiday season, consumer holiday-related spending rose by 6.7% compared to 2021, according to a new GlobalData report.
The survey of more than 55,000 consumers found that shoppers spent 8.4% more on Thanksgiving, 6.9% more during Black Friday and Cyber Week, and 6.5% more during Christmas and other purchases during the holiday season.
As we started to notice earlier in the year, shoppers began preparing for the holidays much earlier this year with the earlier sales holidays seeing more traction than ones closer to the holidays.
Both online and physical stores saw improvements from the previous year, Online sales rose by 7.4% and physical store sales increased by 6.6%.
Four Trends That Will Shape Retail In 2023
At the beginning of each year, Forbes selects key trends that they see driving the industry in the year to come.
As inflation continued to affect consumers, the global apparel resale market grew an estimated 30.1% to $182.4 billion in 2022 according to data and analytics company GlobalData.
Resale ticks two very important boxes. Second-hand shopping is not only an environmentally-friendly option but it also offers lower prices and value for money.
This rapid growth is set to continue, with a forecast of 85.5% growth between 2022 and 2026, taking global apparel resale spend to $338.4 billion.