Retail
Class Is In-Session: 2023 Back-to-School Infographic
Class Is In-Session
Back-to-School continues to be one of the largest shopping events of the year, and once again, Cardlytics is here to inform on the latest consumer trends. Our analysis of over $122B in BTS spend over the last 3 years sheds light on YoY trends, category-level insights, and more. Now more than ever, brands should leverage these insights to create informed, strategic marketing plans and drive long-term customer loyalty.
Back to Basics
While spend is up 3.8% YoY, it is growing at a slower pace than previously observed. Not exactly a surprise given the COVID lockdown, but it seems that the spend bounce back we saw last year has slowed, especially considering the current economic pressures.
The same slow in overall spend can be observed across purchase volume as well, indicating consumers may be consolidating their Back-to-School errands with other shopping trips (e.g. grocery, home, etc.)
Brick and Mortar Shoppers Played Hooky This Season
Online spending is up for both B&M.coms and online only brands, indicating that the shift initially brought on by COVID is likely permanent. Brands should consider an omni-channel approach in order to engage the customer where they are spending.
Mass Merchandisers Pass with Flying Colors
Mass Merch continues to dominate as inflation drives customers to keep price top of mind. While all other subcategory spend is down in 2022, Mass Merchandisers are up 9.2% vs. 2021. In fact, Mass Merch is the only category to have YoY growth across all metrics – spend, trips, and customers – in the last 2 years. Branded retailers should ramp up engagement with existing customers to prevent churn. Get the data.
Cardlytics Helps You Make the Grade
As consumer spend begins to slow, and pressure mounts from competition, it’s never been more important to create value for the consumer, and drive brand loyalty. CDLX’ whole-wallet-view of customer spend can help identify your most relevant target audiences and unlock incremental sales – and we can prove it.
Request the data: 2023 Back to School Infographic