It’s that time of year again: allocating PTO for family during the holidays, fighting the Q4 madness, and if we’re all being honest — just keeping our heads above water.
But one constant that we can hang our hats on? The sales that come on Cyber Monday, and growing in popularity: Small Business Saturday.
The major holiday retail event trio—Black Friday, Small Business Saturday, Cyber Monday—kicks off every holiday season with a revenue bang. It’s a once-a-year opportunity for shoppers to push go on items they’ve eyed, get ahead of their holiday shopping lists, and try new products for the sake of the deal.
Field Agent got the scoop on what shoppers planned to purchase, and why, for the upcoming 2022 Cyber Monday and Small Business Saturday.* The survey constituted 1,250 U.S. adults, conducted October 28, 2022, through the Field Agent on-demand platform.
*All survey respondents were U.S. adults at least 18 years of age and smartphone owners. The survey was executed through the Field Agent platform, October 28, 2022, with a non-random sample of shoppers. Demos: Gender - Female (75%), Male (24%), Prefer Not to Say (1%) Age - 18-20 (1%), 21-29 (14%), 30-39 (36%), 40-49 (29%), 50-59 (15%), 60+ (4%); Household Income - < $35K (15%), $35-49K (12%), $50-74K (15187%), $75-99K (15%), $100K+ (23%), Prefer Not to Say (1%); Race/Ethnicity - Caucasian/White (69%), Asian American (7%), Latino/Hispanic (7%), African American/Black (6%), Native American (1%), Other (4%).
Welcome in the fanfare: Cyber Monday this year is slated for November 28, 2022.
According to Forbes, Cyber Monday raked in 10.7 billion in sales in 2021, making it one of the largest online shopping events of the year. To give you a comparison to Black Friday, Cyber Monday won out by nearly 2 billion, with Black Friday bringing in 8.9 billion in 2021.
Of the 1,250 adults in the Field Agent survey, 79% said that they would be participating in Cyber Monday this year by purchasing one or more items, while only 66% said they would be purchasing something on Black Friday.
When asked why shoppers chose “yes” to participating in Cyber Monday, many spoke of the expected markdowns and ease of staying home to shop. The top words that were included in the write-in answers were deal, price, sale, lines, and discount.
"I often find products for a reduced price. I’m not a fan of large crowds, so in store Black Friday deals make me uneasy."
—Brittany M., North Dakota
"I can shop deals without having to leave the house and deal with a packed store where the item could be out of stock."
—Shawna F., Delaware
"I choose to buy on cyber Monday to get great prices. Also it's easier to shop from home instead of going to the store."
—Adam B., Pennsylvania
The consensus is clear: shoppers prefer to see the Cyber Monday discounts online more than fighting the sea of Black Friday crowds.
It doesn’t take much to guess that Amazon wins the popularity contest for most preferred ecommerce retailer for shoppers on Cyber Monday. The 2022 Field Agent survey revealed that of those planning on participating in Cyber Monday (n=993), 9-in-10 (93%) are going to purchase on Amazon.com.
Although ecomm king Amazon swept the majority vote on the survey, it’s not the only high-performer on the list. Retailer sites Walmart and Target also packed a punch, with 65% of shoppers planning to buy from Walmart.com and 62% saying they’re going to buy from Target.com on Cyber Monday.
Here’s where we expect to see the volume of online shoppers on Cyber Monday during 2022.
But what products are these shoppers clicking on when they select “add to cart”? Most shoppers share that they plan to purchase big-ticket, more expensive tech when they most expect discounts: on Cyber Monday. 2-in-3 shoppers plan to purchase technology and electronics during Cyber Monday (67%), beating out household items (57%) and apparel (48%).
Of the technology and electronics category, shoppers had specific products in mind when planning for the retail event:
The second largest category—household items and appliances—also had multiple variations for what shoppers planned to buy on Cyber Monday:
Shoppers expect to spend significantly more on these special purchases—with 38% of shoppers saying they plan to spend $300 or more on Cyber Monday in 2022. Even more compelling, 85% say they plan to spend at least $100.
Even with such big spending plans, 11% (or an overall 4% comparatively) of shoppers said that they didn’t have something in mind when surfing the web for Cyber Monday.
Whether you’re a household brand or new to the retail industry, Cyber Monday is a space for all the players to capitalize on the dollars that shoppers are willing to spend—even on items they hadn’t quite planned for.
Before they visit your brand or retailer site by the droves on November 28, we recommend getting three key things up-to-par:
On November 26, two days prior to the Cyber Monday surge, Small Business Saturday will encourage holiday consumers to keep local businesses top of mind as they shop.
Annually growing in popularity, American Express estimated that the holiday shopping event brought in over $20 billion in 2021. The Field Agent survey shared that 42% of the 1,250 US shoppers plan to participate in Small Business Saturday in 2022.
Not just for the discounts or potential deals, most survey respondents shared that they’re planning to spend for the sake of promoting goodwill and supporting their neighbors.
“I like to support local businesses and businesses owned by friends or family. I usually can find unique items at these stores that make good Christmas gifts.”
—Jeannette R., New York
“I like supporting small businesses because the money usually stays in the community.” —Megan D., Oregon
“I like to support my local community and Small Business Saturday is an easy way for my money to make a direct impact on my neighbors.”
—Catherine H., South Carolina
Many survey respondents felt compassion towards small business owners that were hit hard during the pandemic, sharing that they want to support them and keep the money in the community.
Giving back to the community will come in different fashions and forms—with restaurants and cafes taking the cake. 64% of people planning to spend for Small Business Saturday are looking to purchase at a restaurant or cafe, while 36% also say they’re going to purchase a beverage from a coffee shop or bar.
Similarly to Cyber Monday, we see that 14% (or, 5% comparatively) of shoppers say that they don’t have a particular place in mind when planning their Small Business Saturday shopping—simply that they plan to support the movement without specific inclinations beforehand.
But it’s not just traditional brick-and-mortar shopping that many envision: the majority of the survey respondents shared that they’d be participating online as well as in store. 8-in-10 said that they would be going online to support their local businesses on Saturday the 26th.
When asked to choose multiple, 26% of SBS shoppers said that they’d take to online retailer sites to buy local goods and services—followed closely by Etsy (25%), social media sites like Instagram and Facebook (16%), Amazon’s support small page (14%), and eBay (8%).
By association, most shoppers think “tech” for Cyber Monday and “local shops” for Small Business Saturday, so it’s not surprising that the amount they plan to spend is significantly less. 34% of survey respondents that plan to participate in Small Business Saturday plan to spend between $50 and $99, while only 8% say they’ll spend $300 or more. However, history shows that Small Business Saturday will likely pull double the revenue than Cyber Monday overall.
Big cities, small towns, and every size municipality in between: small businesses should capitalize on this yearly event. With shoppers' thoughts on holiday lists and supporting their community, your business can be first in their mind.
We’d highly suggest implementing these solutions before November 26 rolls around and your town is buzzing with talk of spending, sales, and small business.
These holiday retail events—Black Friday, Small Business Saturday, and Cyber Monday—are primed to boost the economy, grow sales, and kickstart the spending season. Projections are positive for general revenue for brands, retailers, and restaurants, but it’s not a complete guarantee.
When asked about how each survey respondent was feeling towards the 2022 shopping season compared to last year (2021), 80% shared that they feel worse or neutral. Field Agent prompted those who answered “worse,” and many shared why: 59% said they have less money, 23% said they have a worse job/employment situation, 5% said lingering COVID-19 factors, 13% chose other (inflation, economy, recession).
Make the most of the upcoming retail sales event by boosting your products both in-store and online.
With Field Agent audits, product-trial, and insights, you’ll be able to maximize Cyber Monday and Small Business Saturday specifically for your brand. Launch a solution today, or talk with our team to see how we can mix, match, and multiply what you need to win at retail.