Alkami Research examined day-over-day spend on Amazon.com to better understand consumer spending patterns during the holiday shopping season. To provide a baseline of pre-holiday spend, this chart includes data from September 1 – December 3, 2023.
With post Thanksgiving the kickoff to the holiday online shopping season, online spending surged on Black Friday in 2023. However, Cyber Monday showed 43% more spend than Black Friday and was the biggest online shopping day of the holiday season. Each of the next three Mondays before Christmas were all larger online shopping days than on Black Friday.
Interestingly, throughout the entire period analyzed, it appears that consumers prefer to do online shopping on Mondays when they are back in front of their computers (maybe at the office!).
Understanding consumer spend patterns can help regional and community financial institutions create engagement campaigns to drive usage of their credit and debit cards. Now that the research shows Mondays are the biggest online shopping day of the week, financial institutions should consider an email campaign on Sundays that offers account holders an extra cash reward for Amazon purchases made on Mondays. This is a great way to get your debit card added as a payment method in your account holder’s Amazon account.
Transaction data can also provide insights into account holders’ other financial relationships including mortgages, auto loans, investments and insurance. Unlocking the competitive insights in this data can provide a roadmap for achieving your financial institutions strategic objectives in 2025.
