Q4 & Holiday Season Banking, Credit Card, Adobe, & Salesforce Key Insights Infographics
Free Q4 Infographic from BLUEPRNT now available! We’ve reviewed leading Financial Institutions & Credit Card company’s reported earnings, insights, & predictions & synthesized data from Adobe & Salesforce on how customers shopped, spent, & engaged during Q4 / the holidays & and created this free infographic as a tool for you to easily review, digest, and incorporate any learnings.
Here are some key insights and recommendations for brands and retailers:
· Customers are still spending & sentiment is up, but discretionary spend is a little down, especially in retail, while experience spending at restaurants, travel, & entertainment is up.
· Companies are still investing in new / upgrading their technology, with BofA reporting $3.8B 2024 budget & Wells Fargo $1.1B.
· Millennials & Gen Z customers continue to drive the market, with their spending up 15% in Q4 YoY according to AMEX & the largest cohort of new customers
· TikTok dominates social media. According to Adobe Digital Insights, TikTok’s share of traffic to retail sites increased 93% over the holiday season (Nov 1st Dec 31st) while, Facebook’s share fell -4% YOY & Instagram decreased -8%.
Recommendations For Retailers & Brands:
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1) Consider implementing Tap-To-Pay at POS – Visa reports that they have reached 45% penetration in the US with Tap-T0-Pay & a recent Visa study found an average of two more transactions/ month and spend increase of $70/month for customers who tap with a Visa debit card versus those who don’t tap.
2) Ensure you have well-thought out & defined use cases for AI – This is the pragmatic & disciplined approach Chase is employing, making sure they have a contained, well-chosen list of high-impact use cases first, then throwing resources at those in the right way, and lastly, holding themselves accountable for the actual results
3) Make sure you are creating customer experiences that are targeted to Millennials & Gen Z. They not only are buying more, but their LTV is potentially higher as they can be recurring customers longer.
4) TikTok – If you don’t have a TikTok strategy & presence, the numbers are too large to ignore. Get with your teams internally or agencies to ideate on your TikTok positioning.
In the next few weeks, retailers such as Walmart, Target, Amazon, Kroger, and The Home Depot will be reporting earnings and we’ll compose another infographic. Please subscribe to our email list to receive the infographic, news, and other insights directly in your inbox.