Black Friday and Cyber Monday have come and gone, and there’s not much time left for holiday shoppers to buy gifts for their family and friends. With that said, this year’s holiday shopping season has been very different due to the global pandemic, and the way consumers are shopping and when has changed. According to a Co-Op Financial Services report, credit and debit transactions have been going up with year-over-year credit spending as high as 16% in September before going back down to 7% in October. In the case of debit card spending, the same report shares that spending in September grew 1% year-over-year before jumping to 3% growth YOY in October. While spending is increasing, the method consumers are using for payments is shifting with credit cards primarily being used for holiday gift purchases.
Changes have also occurred regarding the timeframe for holiday shopping. Online Black Friday sales reached $9.03 billion this year, according to DigitalCommerce360, but at the same time, retailers began offering discounts earlier in the fall. In addition, shipping issues have greatly increased, so consumers have had to consider how long it will take for gifts to arrive. Those who didn’t want to wait turned to buying online and picking up in-store.
The 2020 holiday season has set new trends likely to continue in the future, and credit unions will shift their strategies doing forward. Whether your members use credit cards or debit, The Loan Lead Generator can help you bring in new leads 24/7! Click here to schedule a demo today!