PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

2023 Holiday Spending Expected to Reach Record Levels and Cash Back is King

By Elisa Tavilla
November 2, 2023
in Analysts Coverage, Holiday Shopping, Merchant
0
0
SHARES
0
VIEWS
Share on LinkedIn

As consumers prepare for the holiday shopping season, RetailMeNot is launching its fifth annual Cash Back Day to help shoppers maximize holiday spending savings. For the first time, the event will run for three full days from November 2–4, 2023, offering up to 30% cash back at thousands of retailers across categories including apparel, beauty, electronics, travel, and more. Whether buying gifts for others or shopping for themselves, consumers can take advantage of significant savings opportunities. Historically, shoppers have earned an average of $18 cash back per order, and RetailMeNot has paid out nearly $1.3 million during its previous four Cash Back Day events.

Cash back tends to be consumers’ preferred loyalty reward when choosing where to shop and how to pay. In a study by Valuedynamx, 50% of cardholders cited cash back as the most desired benefit due to the versatile nature of redemption options.

The National Retail Federation today also published its 2023 holiday spending forecast, anticipating consumer spending to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. Despite inflation, higher interest rates, and stringent credit conditions, “[w]e expect spending to continue through the end of the year on a range of items and experiences, but at a slower pace. Solid job and wage growth will be contributing factors this holiday season, and consumers will be looking for deals and discounts to stretch their dollars,” said NRF Chief Economist Jack Kleinhenz in a press release.

Additionally, a Deloitte survey found that holiday spirit and spending have rebounded. Consumers are expected to spend an average of $1,652 this season, surpassing pre-pandemic levels for the first time. Two-thirds of consumers plan to participate in promotional events, such as those during the week of Black Friday through Cyber Monday.

Consumers are shopping for the best deals and perfect gifts across channels this holiday season. Mastercard anticipates e-commerce sales to increase by 6.7% and in-store sales to increase by 2.9% YOY. “We expect the most effective holiday strategy will be to meet consumers where they are – personalized promotions to in-store experiences will be key in doing so,” said Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks Incorporated.

Shoppers will have no shortage of opportunities to take advantage of generous deals, extra savings, and enhanced cashback offers this holiday season. Promotional events like RetailMeNot’s Cash Back Day, Bank of America’s upcoming More Rewards Day, and Black Friday, Small Business Saturday, and Cyber Monday deals will allow consumers to spend and save more as they shop at large and small retailers in stores and online.    

0
SHARES
0
VIEWS
Share on LinkedIn
Tags: cash backDeloitteMastercardNational Retail FederationRetailMeNotRewards

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    cyber resilience

    Modern Cyber Risk Is Breaking Longstanding Security Assumptions

    July 13, 2026
    Merchants Real-Time Payments, swipe fees, BNPL

    How Software Turned Payments Into a Seamless Part of Commerce

    July 10, 2026
    credit union data, credit union technology

    Inside the Tech Shift Redefining How Credit Unions Operate

    July 9, 2026
    embedded payments

    What Embedded Payments Can Solve for Small Businesses

    July 8, 2026
    apple tap to pay

    Build Momentum Behind Zelle for Business

    July 7, 2026
    Accredited Payments Risk Professional

    The Growing Importance of Payments Risk Expertise

    July 6, 2026
    account aggregation

    The Dilemma Facing Financial Institutions: Aggregate or Be Aggregated

    July 2, 2026
    contactless payments

    Wherever There’s Friction, Contactless Payments Can Help

    July 1, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result