Cyber Week 2023 And The Evolving Creator Landscape

The post-Cyber Week hustle and bustle have faded, leaving behind significant insights and trends that illuminate the changing dynamics of consumer behavior, brand strategies, and the role of Creators in marketing. 

Here’s what to anticipate for the rest of the holiday spending season and how to prepare for what lies ahead in 2024.

The Findings: What We Learned From This Year’s BFCM Purchases

Though inflation and economic concerns were top of mind for consumers, Creators, and Marketers, Cyber Week 2023 produced strong sales for many Collective Voice retailers. 

Leveraging first-party data, here were the biggest takeaways from this year:

• Consumers wait for deals: Cyber shopping is no longer limited to the few days after Thanksgiving, as Marketers are extending deals over the larger holiday season. And consumers are planning ahead, waiting until this extended sales period to make larger purchases and ensure they get the best deal. 
• Fashion isn’t the biggest category: Accessories, beauty, kitchen appliances, and home decor dominated top product sales this year, with mattresses and bed frames up in traffic as well. 
• Viral products reigned supreme: Consumers were quick to purchase trending, viral products like the Stanley Quencher Tumbler and the UGG Koolaburra Suede Bow Short Boots. 
• Mobile shopping continues to grow: Online sales surged, with mobile shopping surpassing desktop transactions. In fact, Collective Voice data saw 10x more orders placed on mobile versus desktop as consumers turned to Creators for recommendations on must-have deals and products. 

Economic Dynamics and Its Ripple Effect

The economic climate influences consumer confidence and spending sentiment. This year’s BFCM revealed a transformed retail landscape where sales are no longer confined to a specific time frame. 

Consumers, more cautious due to inflation concerns, are emphasizing savings over immediate spending.  In a recent interview, the CEO of a prominent retailer stated, “Consumers are price sensitive and are prioritizing their orders, and they know there’s a chance that prices might be lower right before Christmas or after Christmas with clearance.”

For Creators and Marketers, these economic uncertainties have left their mark on holiday strategies. Many Collective Voice Creators described it as their primary business concern for the holidays, and 54% of Creators expressed worry about brands limiting their marketing spending going into the holiday season.

First party data showed that Marketers and retailers responded to this consumer sentiment by initiating campaigns early and tapping into consumers’ price-conscious behavior. Retailers started promoting big sales as early as October, and 71% of Collective Voice Marketers began their holiday campaign planning that same month. Brands provided deep discounts on a large inventory of items, with major retailers kicking off holiday deals in categories like Kids Toys and Home Decor.

Likewise, consumer spending aligned with this early approach, as we saw spikes in clicks and orders around mid-November. Our data shows that the busiest shopping day was the Wednesday before Thanksgiving, demonstrating that consumers weren’t waiting for Black Friday or Cyber Monday to take advantage of the deals that retailers pushed out early.

Case Study

To counteract consumer spending hesitations, Marketers invested significantly in holiday campaigns and their Creator Marketing strategies. In fact, one Collective Voice partner increased their Creator Marketing budget by 53% YoY and saw a 191% increase in revenue.

Digital Shopping Habits and The Creator Impact

Social media continues to be one of the biggest drivers of BFCM product discovery and promotion. And Creators’ sway over purchasing decisions remains robust, with 88% of consumers admitting to being influenced to buy creator-endorsed products. This trend is particularly clear for shoppers aged 25-34, highlighting the pivotal role Creators play in influencing seasonal shopping. 

As brands continue to recognize the important role that social media plays in holiday shopping, Marketers are leaning on Creators’ unique, authentic voices to speak to their brands and share their promotions this holiday season and beyond. According to a report from Influencer Marketing Hub, “82% of Marketers believe the quality of customers from Creator campaigns is better than other marketing types,” demonstrating Creators’ reliability and impact on strategy beyond just the holidays.

Making Necessary Pivots: Strategies for 2024

As businesses navigate the post-Cyber Week era and look ahead to 2024, a nuanced Creator-centric strategy becomes paramount. Marketers need to embrace a comprehensive 360-degree approach, encompassing deal-hunting Creators to capture price-sensitive consumers and brand awareness Creators to maintain visibility amidst competitive noise.

Because many consumers are waiting for last-minute deals just before the Holidays, Cyber Week remains a very important pulse in Q4. However, since sales and holiday shopping are starting earlier in October, there’s a greater need for ongoing messaging throughout Q4. Leveraging an always-on Creator campaign will ensure you capture the beginning and end of significant shopping periods. Long-term relationships keep your messaging consistent throughout the year, and keep your brand top-of-mind for consumers throughout the year. By the time the holiday season rolls around, you’ll have set your brand up for success with continuous, authentic promotions to Creators’ audiences. 

Pro Tip

Booking your campaigns ahead of sales periods will ensure you have the right set of Creators on your side to give your brand its desired ROI.

As we progress into 2024, Creator Marketing will only grow as a consistent strategy for Marketers. It’s time to take your strategy and think creatively about how Creator partnerships can benefit your brand. From deal mavens and TikTok Creators to podcast advertising and live shopping, Collective Voice’s innovative solutions are here to help your brand stand out as consumer shopping trends shift.

Collective Voice is a Creator Marketing agency that does it all. With smart strategy, guidance, and a full suite of offerings, we create holistic solutions tailored to your marketing objectives. Sign up to learn more about what we can do for your brand.