‘Tis the season for spending! Here are three surprising facts about holiday advertising that will make you want to reevaluate your seasonal planning.
U.S. retailers are expected to spend almost $6 billion in digital ads over Black Friday/Cyber Monday weekend
Wait…what? Six BILLION dollars. Yes, you read that correctly. Six billion (not million) dollars will be spent over the four-day period after Thanksgiving on digital ads, according to a study done by Nanigans. Marketers of retail companies revealed that they spend about a quarter of their annual ad budget on this weekend alone, and for good reason.
People are looking to spend even more money this year and marketers are taking advantage of it. The National Retail Federation predicts that consumers are expected to increase their spending by 4% this winter season, bumping the average holiday spend per consumer to just over $1,000 in 2018.
So where exactly are these big ad dollars being spent, you ask? Facebook, Google, and Amazon.
October is the best time to start your holiday advertising
If you think all holiday shopping is done in November and December, think again. Studies have shown that some people begin shopping for the holidays as early as September (talk about being ahead of the game!). In order to beat out their competitors, marketers are deploying their first few festive messages in October, which is arguably the best time to launch holiday advertising.
Need a little more proof? Take a look at these statistics by Adroll:
- In October, there was a 7% increase in total impressions compared to November and December.
- There was a 12% decrease in average cost per clicks in October compared to the later months.
- The average CPM decreased by 15-20% compared to the remaining months.
Simply put, you’re saving money and getting a leg up on your competitors when you begin your holiday advertisements before November 1.
Only 30% of holiday shoppers claim their purchase was the result of a promotion
Doesn’t it seem like that number should be bigger? Especially since everywhere you look there is a “door busting” promotion happening over Black Friday weekend. If someone is comparing your product to another that is heavily discounted, which do you think will end up in their cart? I think you know the answer to that one…
Advertisements play a huge role during the holiday season, there’s no doubt about it. Are you taking full advantage of it? If you’re not, we can help. Drop us a line here—we’d love to hear from you.
