For retailers, the holiday season is a sprint that begins with Black Friday and continues through Cyber Monday. As e-commerce continues to dominate the retail industry, it’s no surprise that Cyber Monday is giving its predecessor a run for its money.
According to a recent Recurly Holiday Consumer Research report, subscription gift giving is one of the emerging trends of the 2023 holiday shopping season. According to the report, 53% of respondents expressed interest in giving gift subscriptions this year.
To shed more light on emerging holiday trends for subscription-based retailers, Recurly analyzed crucial metrics from over 2,200 subscription businesses on November 27. The results were revealing:
- This year, subscribers on Recurly alone spent a staggering $47 million on Cyber Monday. This figure showcases the immense power of this shopping holiday and its influence on consumer spending.
- The data also revealed a substantial influx of new signups. A whopping 288,694 individuals joined subscription services via Recurly on Cyber Monday, suggesting a growing interest in this transaction model.
- Recurly reported an average transaction size of $20.33 on Cyber Monday this year. Despite consumers facing economic uncertainty in 2023, this data points to the willingness of consumers to spend and invest in subscription products and services that offer a reasonable price point.
- Gift card purchases experienced a significant surge of 35.63% compared to last year’s Cyber Monday. This data suggests that consumers are increasingly turning to gift cards as a convenient and thoughtful gift option.
- The total number of coupons redeemed via Recurly on Cyber Monday marked an impressive 41% increase compared to 2022. This surge in coupon code usage highlights the growing trend of consumers seeking discounts and savings during the holiday shopping season.
The data from Recurly’s analysis serves as a testament to the power and significance of e-commerce during the holiday season. It illustrates an increasing consumer appetite for reasonably priced subscription gifts, and highlights the necessity of strategic pricing as consumers fear financial uncertainty.