Posted on December 26, 2017
A few years ago, Boxing Day was a crucial sales day for most Canadian retailers, as it was considered by shoppers as the ultimate opportunity to save big on a variety of products. Today, this anticipation is still topical for a lot of shoppers. However, statistics are increasingly showing that most North American shoppers, including Canadian shoppers, kick off their holiday spending season on Black Friday, which is also considered the highest dollar spend day of the year. Consequently, this year’s Black Friday sales figures in Canada are almost double last year’s sales. These recent statistics prove that there is a shift in the shopping habits of Canadian consumers; they are becoming even more similar to American holiday shopping traditions.
The last Saturday before December 25th is also a very lucrative day for retailers across North America, which sometimes tends to be overlooked. It is the year’s second largest shopping day for consumers who are looking for last minute gifts. Prodco’s retail traffic index data over the last several years confirms the phenomenon, showing that the last Saturday before Christmas is the busiest shopping day of December, just ahead of Christmas eve.
According to a CIBC Poll, Canadians plan to spend an average of $643 on holiday shopping, which represents an increase of 8% compared to last year. Usually, the holiday shopping global spending in the US is a little higher with an average of $906 spent. However, half of the poll’s respondents confessed that they were probably going to go over their planned budget during their holiday shopping spree.
Even if Boxing Day seems to have lost popularity in Canada, it is undeniable that great sales opportunities exist for retailers on Boxing Day. A study conducted by Bloomberg revealed that the 2017 Christmas sales forecast is now more than one percent higher than expected earlier this year. If this season’s sales attain Bloomberg’s latest projections, retailers might achieve the best holiday sales performance since 2005.
Considering these promising forecasts, you, as a retailer, must be ready to brave these busy shopping days and leverage all the resources available to capitalize on these opportunities. Begin by clearly understanding historical traffic trends around this time of year and align staffing requirements to convert the large number of shoppers into sales and successfully achieve your holiday sales goals.
The holiday shopping season is the most important period for retailers globally. It is a sales marathon, with Black Friday as the starting point and Boxing Day as the finish line. To end your sales season on a high point: be sure to prepare your organization, your sales staff, and your brick-and-mortar stores to successfully capitalize on this exceptional high volume of opportunities. Prep your teams by analyzing and understanding your stores’ historical traffic trends and leverage it with Prodco’s Retail Traffic Index to increase sales.
Prodco is a global leader in the delivery and management of retail traffic intelligence. Contact us today to get your hands on meaningful data reports that will help you take advantage of all opportunities and achieve your stores’ maximum potential this holiday season.