Consumer Behavior

Holiday shopping surging early, reveals Verizon trends report

Photo by istock.com

November 19, 2020

Online retailers are busy and sales are booming early while malls are seeing a 20% dip in shopping traffic compared to 2019 in relation to the holiday season.

Those are prime findings from the Verizon Business Retail Trends Report which also reported a 28% spike in use on payment sites compared to a year ago, according to a press release.

The report, now in its seventh year, stated COVID-19 restrictions are likely driving the growth in online shopping.

In fact, online holiday traffic was up 82% in the first week of November compared to 2019,

"Our report confirms what we expected to be true; significant shifts continue from in-person, brick and mortar shopping to online shopping," Michele Dupré, VP of sales vertical markets, retail and hospitality, said in the release.

"What's surprising and promising for retail stores is while mobility around U.S. malls is down from last year, it's up significantly at 59% since the height of the pandemic. Online retailers will need to continue to invest in creative and innovative customer experiences to capture revenue and offset lost sales from in-person shopping."