If you look at the numbers of Black Friday and Cyber Monday, one would think that our economy is in great shape. Consumer spending did not slow down; airline travel saw the highest volume of passengers this past weekend, and online sales hit new record both on Black Friday and Cyber Monday. Deep discounts have enticed U.S. Shoppers to splurge on Christmas purchases and Cyber Monday hit a record of $12.4 billion in sales. Black Friday was a bit behind at $9.8 billion in online sales.
Brand loyalty has declined in part because of high inflation and high interest rates. Consumers are looking for deals to stretch their budgets, so anyone looking to cash in this Holiday Season should plan to offer their customers, better deals and payment options. Not to mention your online platform must be optimized to mobile shopping. All this spending makes you wonder, how will consumers pay for all this next year?
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