The Tuesday after a Spring Bank Holiday was predicted to spark a 33% rise in online spending – based on recurring trends over the April & May Bank Holidays over the last 2 years, according to new research.
Some key stats show that:
• The Tuesday after a Bank Holiday weekend increases the average online spend by 25% compared to the daily average for the 2 weeks prior
• Shoppers spend an extra £1.60 per transaction (3% increase) and 22 seconds shopping online (2% increase) on the Monday and Tuesday, compared to the previous fortnight
The UK’s spring Bank Holidays from Easter Weekend through to the end of May have become known for generating high sales for retailers offering good deals on BBQ, Gardening and DIY items.
Many consumers hope to take advantage of the first sunny days of spring and enjoy the sunshine, but new research from digital commerce solutions provider Venda into online spending during the spring Bank Holidays over the last 2 years reveals a 17% rise in money spent online on the Monday, which continues to Tuesday with a 33% spike (compared to the average for the 2 weeks prior to the Bank Holiday).
Retailers should not only focus their attention on the Bank Holiday Monday this spring, but look to the Tuesday after to continue to offer consumers great deals once they return to work, according to research from Venda, whose platform serves some of the UK’s biggest retailers including F&F Clothing at Tesco, Fat Face, Boohoo.com, and Laura Ashley. The research found that daily online spending for any of the Bank Holiday Monday’s in spring and the following Tuesday increases by an average of 25% compared to the daily average for the 2 weeks prior. While the Saturday and Sunday of a long weekend see decreases in online spend of 16% and 12% respectively, likely thanks to people enjoying the improved weather of spring. Shoppers are also spending an extra £1.60 per transaction (3% increase) and 22 seconds shopping online (2% increase) on the Monday and Tuesday, compared to the previous fortnight.
Eric Abensur, Group CEO of Venda commented: “The Bank Holidays throughout the spring offer retailers an opportunity to encourage consumers to visit both physical and online stores. If retailers want to convert these long weekends into more sales, our findings indicate that they should offer great deals beyond just the additional Monday and take advantage of the significant increase in sales on the Tuesday too. Whether ‘Tiptop Tuesday’ is down to consumers browsing over the long weekend and making a purchase once they’re back at work or that they are looking to use a little retail therapy to stave off the post-Bank Holiday blues, the opportunity for retailers is clear.”
The figures also reveal that this year’s collection of spring Bank Holidays (Easter and Early May Mondays) have already seen an average increase of 7% in online spending over the 3 day Bank Holiday weekend (14% if Tuesday is also included). This has been buoyed by the continued ubiquity of mobile and tablet devices, with consumers spending 3 times as much (260%) on their smartphone and 54% on their tablet on average over the long weekend. However, the 12% decrease in average order value across mobile and online also indicates that retailers may be too heavily reliant on discounting to continue to drive sales this year.
Abensur continues: “Many will still expect consumers to head to the high street or to their computer to make a purchase this Bank Holiday Monday, but our figures show that consumers are increasingly using their smartphones and tablet devices to purchase their spring deals. Therefore, it’s increasingly important for retailers to offer a great shopping experience to their customers, whether they are in-store, online, or on a mobile device.”
www.venda.com