Shoppers Get Biggest Deals on Cyber Monday Compared to All Promos
As consumers put Halloween behind them and set their sights on the holiday season ahead, shoppers may be wondering, “When is the best time of year to buy gifts?” According to new data from ecommerce accelerator, Pattern, shoppers are most likely to find the greatest deals on gifts during Cyber Monday compared to all other holiday promo days.
Why it matters: According to the U.S. Bureau of Labor Statistics, the cost of most consumer goods has increased by 3.7% over the past year, making rising inflation a top concern for many holiday shoppers. With Cyber Monday deals to look forward to, consumers can enjoy reduced pricing on many popular products, including smart light bulbs, power banks, hair care products, e-readers, computer accessories, and more.
What we’re seeing: We analyzed pricing data for the most searched-for products on Amazon U.S. Marketplace for every day of 2022, comparing the cost of each item during popular promos to the average annual cost to determine which promotion had the best deals. Here’s how Cyber Monday deals compared to other popular deal days like Prime Day and Black Friday during 2022:
- As you can see in the chart, Cyber Monday deals consistently offered the lowest price compared to Prime Day and Black Friday promotions. For instance, Echo Shows decreased in price by 13% during Cyber Monday 2022. Conversely, the same product increased in price by 2.2% during Prime Day 2022. This trend repeats across nearly every product.
Moreover: When comparing the change in price year over year for each of the most commonly purchased holiday gifts, we see an overall decrease in price regardless of the promotion. That means shoppers can look forward to inflation reversal for many of the most popular gifts:
- The average price of all products within the holiday shopping category decreased by 0.45% from Q4 2022 – Q4 2023
- SD Cards -22.22%
- What Do You Meme -12.77%
- Airpods -6.99%
- Echo Show -6.73%
- Smart Light Bulbs -4.56%
Yes, but: There are still some items smart shoppers should watch out for if they’re hoping to save. The following holiday gifts have seen the sharpest increase in price year over year:
- Fire Sticks increased in price by 11.51% from Q4 2022 – Q4 2023
- Connect 4 +9.44%
- Burts Bees +8.6%
- Kids Against Maturity +8.15%
- Echo Dot +5.66%
- Kindle +5.19%
The takeaway: Consumers looking to grab a great deal on holiday gifts should save their shopping for Cyber Monday if they want to save big. While there are some items that may have a heftier price tag this year due to general inflation, most items have seen inflation reversal, making it a great time to give gifts regardless of when you choose to shop.
Wish your ecommerce strategy were more nice than naughty? Reach out to our data science team to see how you can use powerful insights like these to drive your online retail performance forward.
