“US shoppers are focusing more on leisure, sports, and home goods as we approach Thanksgiving and Black Friday,” says new report— Retail Boss

Klarna today released new holiday shopping data that indicates shoppers in the US shifted their share of e-commerce spending towards the leisure, sports & hobby and home & garden categories in the week ahead of Thanksgiving (November 16–22). Analyzing transactions made through the Klarna app, which allows consumers to shop from any online store, Klarna also identified the most-shopped categories among US Gen Zers, Millennials, Gen Xers and Baby Boomers leading up to Black Friday.

“US shoppers are focusing more on leisure, sports, and home goods purchases as we approach Thanksgiving and Black Friday,” said David Sykes, Head of US at Klarna. “Klarna’s new data also indicates that younger shoppers are taking advantage of mobile shopping and flexible payment options to purchase home supplies, appliances and furniture. This spending shift may reflect an increase in the number of consumers planning to cook and bake for Thanksgiving — a holiday that many younger households will be celebrating on their own this year due to safety concerns amid the ongoing pandemic.”

KEY FINDINGS

• The leisure, sports & hobby category saw 6% week-over-week growth in share of wallet across all generations in the week ended November 22, with the most-shopped retailers being book stores, sporting goods stores, and gift card and souvenir shops. This growth was especially pronounced among Millennials (up 6%), Baby Boomers (up 7%) and Gen Xers (up 6%).
• The home and garden category’s share of wallet also grew by 11% across all four generations, with the most-shopped retailers being furniture, home supply and household appliance stores. This growth was especially pronounced among Millennials (up 13%), Baby Boomers (up 13%) and Gen Xers (up 11%).
• Gen Zers and Gen Xers shifted more of their spending toward the health and beauty category, increasing their share of wallet spent on these items by 12% and 2%, respectively, week-over-week. Meanwhile, share of wallet spent on this category fell among Millennials (down 4%) and Boomers (down 17%).
• Shoppers were divided on electronics during the week ended November 22. Boomers and Gen Xers shifted more of their spending towards the category, increasing their share of wallet spent on electronics by 17% and 8%, respectively, week-over-week. Electronics were less of a spending priority for Gen Z shoppers, with their share of wallet spent on the category falling by 8%.
• All generations shifted spending away from the marketplace category, which registered a 5% drop in share of wallet week-over-week.

Klarna has been analyzing share of wallet, or how its app users are dividing their spending among different shopping categories, to identify which categories consumers are shopping most often through the Klarna app. Throughout November and December, the company will continue to analyze proprietary data on a weekly basis to identify notable insights around consumer behavior during the critical 2020 holiday peak season period.

Author: Jeanel Alvarado — Ohemeng

I have 15 years of experience in the retail industry including expertise in marketing, operations, merchandising, buying, shopping and technology. I am a former senior managing director of The School of Retailing, University of Alberta. My education includes a Bachelor of Commerce Degree from The University of Alberta in Marketing, Certificate in Real Estate and a Diploma in Fashion Merchandising and Buying from LasSalle College, a Canadian private school founded in 1959 by fashion designer Jean-Paul Morin.

Originally published at https://retailboss.co on November 25, 2020.