00:00 Speaker A
We’re anticipating about $253 billion to be spent through the season, and that will come in just over 5.4% growth year-on-year. So, really, we have consumers leaning on the online space to get a sense of where their best discounts can be. They really perceive the online space to provide really favorable pricing. And given the consumer and how they’ve been managing and spending across events, we really anticipate a lot of momentum for, uh, Black Friday today. Yesterday on Thanksgiving, we saw really strong spend at just over $6 billion. So there’s some good momentum happening here in Thanksgiving week.
00:46 Speaker B
Yeah, that’s been really interesting um change over the past several years that you mentioned. and we’re showing that cadence right there that Thanksgiving spend is actually more than we see on either Saturday or Sunday. Um and, you know, even though a lot of stor and a lot of stores are not open anymore on Thanksgiving, it’s all online. What has sort of driven that change over the past several years?
01:14 Speaker A
Well, it’s it’s a great call out in that when we had COVID, that really closed a lot of stores on Thanksgiving and many of them stayed that way. But the the prior to COVID, there were impulses on the part of the consumer to, you know, after thank a Thanksgiving meal to like go out to the shops. Now they’re pulling out their phones and really we’re seeing the the share of mobile spending really surge on days like Thanksgiving where it’s over 60%. So
01:46 Speaker A
you have a consumer who’s doing a lot of impulse buying and doing that one-touch sort of Apple touch purchasing and when they’re doing that on days like Thanksgiving, that can drive a lot of spend velocity for especially retailers that are optimized well for that type of moment.
02:04 Speaker B
Yeah, definitely. That number stuck out to me from from your findings that that 61.6% of online sales on Thanksgiving were on people’s phones, which is kind of amazing here. I really hope those phones were not at the Thanksgiving dinner table. That’s just me. But, um, I hope they opted for after or before. Um, I’m a traditionalist. What can I say? Um, buy now pay later, which we know has been such a powerful wave, um, of shopping over the past couple of years. How is that playing out when it comes to shopping?
02:46 Speaker A
Well, we’ve seen we’ve been profiling buy now pay later for many years and we we find that consumers are leaning on it for multiple reasons. Some are you know, trying to manage their budgets and trying to manage their cost of living crunch. and we see
03:04 Speaker A
them leaning on it and for the season, we’re we’re anticipating about $20 billion to be processed through buy now pay later. So that’s that’s really still a popular way to finance. and other consumers are doing that sort of mobile, social, commerce type shopping and they get to that payment checkout and they see a smaller amount there. and that’s enough to get them on the buy now pay later path. So, you have multiple drivers keeping buy now pay later really popular for the online consumer.