Peak Season 2022 is rapidly approaching. And so is our rebranding. From October 4th, AfterPay and AfterPay Insights are transforming into a new brand. AfterPay’s new name will be Riverty, and AfterPay Insights transforms into Riverty eCommerce Review.
All during Peak, AfterPay Insights, and from October 4th Riverty eCommerce Review, are here to support you with in-depth insights into how consumers plan to shop. Our Peak Season series contains e-commerce forecasts for Singles’ Day, Black Friday, Cyber Monday, and Christmas as well as overall updates of e-commerce developments along the way.
This blog kicks off AfterPay Insights’ and Riverty eCommerce Review’s 'Peak Season 2022' series with a view of the current status quo of consumer attitudes that correlate with their purchase intentions and online shopping behavior as these could impact their Peak Season shopping intentions this year.
We also dive into what currently drives consumers to shop online and what holds them back. What can merchants consider attracting even more customers this peak season? And finally, we give you a preview of consumers’ shopping intentions for Singles’ Day, Black Friday, and Cyber Monday. Which event is currently most popular among consumers? Read on to find out!
Current health worries are stable but might go up and influence ecommerce
The level of health worries is at 39%, as we learn from our latest Q2 review. We do expect an increase in covid-cases and health worries again since the autumn season is happening now. The autumn months in 2021 and 2020, the colder weather makes people flock inside and gather in closed off spaces, which is the perfect condition for incontrollable viruses. If consumers feel too tensed to visit brick-and-mortar stores or if lockdowns happen again, ecommerce will see some benefits and growth.
Financial worries may be decreasing, inflation keeps minds occupied
The rising prices of groceries and other necessities of life drive the levels of financial worries. These current levels are still higher when comparing to the levels of July 2021. More shoppers are on the hunt for a good deal and cheaper prices for other items apart from their groceries and daily necessities.
The hunt for a great deal and looking forward to a special sale, fits in the with current time of the year: the upcoming Peak season and all its sales events.
Black Friday is the king of 2021, Cyber Monday leads in awareness growth in 2022
Good news for all sales events: more consumers are aware of the special sales days. Whether it be Singles’ Day on the 11th of November, Black Friday, or Cyber Monday, all see a bigger share in awareness compared to 2021. Cyber Monday leads in growth. The highest awareness this year is in the UK, with 65% (compared to 50% in 2021) of consumers saying they know of the upcoming sales event. 1 in 2 German consumers (51% in 2022 vs 40% in 2021) say they are informed about the day, followed by both the Dutch and Norwegians with a 46% level of Cyber Monday awareness (vs 33% and 38% in 2021 respectively).
Black Monday is known by at least 3 out of 4 shoppers
Cyber Monday may lead in awareness, Black Friday still reigns in awareness.
The awareness already looked good in 2021, this year it looks even better. The UK also leads here with 87% awareness (vs 76% in 2021), followed by Norway (83% vs 79% in 2021), Germany (82% vs 73% in 2021) and the Netherlands and as the closing track (with 76% vs 63% in 2021).
Finally: Singles’ Day gains ground, too.
Singles’ Day is the smallest awareness-sales event of them all but sees no decline either. Norwegians are most on top of the Chinese day to treat yourself. Almost 1 in 3 say to be aware about it (29% compared to 20% in 2021). A lower number but still climbing: 1 in 5 Dutch consumers are aware of Singles’ Day (20% vs 15% in 2021), as per German consumers, too: with 13% of consumers are aware of the sale (vs 9% in 2021). Lowest awareness about the online Chinese sales event is among UK consumers, reaching 9% (which is similar to 2021).
Gaining conversion: more consumers plan to make a Peak season sales event purchase this year.
The graph says it all: the biggest sales event is Black Friday. If consumers are aware of the event, it is likely they also make a purchase.
Another fact that stands out to us is the higher intend to make a purchase this year as opposed to the actual purchase made last year.
Peak season sales events will be successful once more in 2022
All countries have similar purchase intends and seem to grow, again, bigger this year. We also know that the intention to make purchases is higher in 2022, compared to the actual purchases that were made last year. Overall, peak season will be successful in 2022 and outshine 2021.
Each sales event has its own preferred categories
Singles’ Day is to treat yourself
A moment of self-care and enjoyment, peace and quiet, and just kicking back and relax. This comes forward in the preferred category, too, which is Media/Electronics. A movie, soothing music, using (or buying) a new speaker system or earbuds. This all seems to be the Singles’ Day reality when we look at the categories.
Black Friday is big and a mix of everything
The king of all sales events is present in all product categories. Fashion and Media/Electronics have the biggest share here, but other categories are getting a big boost as well.
Cyber Monday’s number 1 is Electronics
Cyber Monday really justifies its name. 41% of all purchases on this special Monday of November falls in the Electronics category.