How the 2023 holiday shopping season is shaping up
BigCommerce customers should give themselves a big pat on the back and maybe take a deep breath before Cyber Week. In the months leading up to Cyber Week, there’s been a noticeable uptick in activity.
What we’re seeing.
It’s been a good couple of months for BigCommerce stores, but October was especially positive.
We saw encouraging numbers from BigCommerce customers when it came to online orders, gross merchandise volume (GMV), and average order value (AOV) throughout the month of October versus the same timeframe in 2022.
According to the National Retail Federation (NRF), holiday spending as a whole should reach record levels this year. What we’ve seen for October is promising for growth.
Household finances are holding enough to justify consumers spending for the holidays, and economic headwinds seem to not be putting too much strain on consumers.
NRF’s Chief Economist Jack Kleinhenz stated in a holiday forecast: “We expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace. Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars.”
