As the largest acquirer in the U.S. by e-commerce processing, J.P. Morgan has a unique vantage point into the buying behavior of consumers. This year’s November shopping season looked quite different across the U.S. and Canada according to new data from J.P. Morgan.
In 2020 we saw a big push to e-commerce as the world adjusted to the challenges of the pandemic. In 2021, we saw a holiday shopping season that started much earlier in November.
Payment processing aggregate transaction volumes were incredibly strong throughout Black Friday to Cyber Monday and J.P. Morgan hit a single day processing record during this period. J.P. Morgan also saw strong volumes throughout November, particularly in the weeks before Thanksgiving.
These results suggest that holiday spending began earlier in 2021 and was more evenly spread throughout November. For anyone with a digital device, this may seem obvious, given the number of promotions we likely all saw throughout November. However, what makes this new trend impressive is the order of magnitude.
New records
Black Friday to Cyber Monday e-commerce volumes were incredibly strong in both the U.S. and Canada.
On our record processing day, payment processing volumes were approximately 50 percent higher than an average day in 2021.
Sustained processing volumes throughout November
It appears the extended sales and promotions throughout the month of November paid dividends for merchants in 2021. Daily e-commerce aggregate volumes for November were up double digits compared to both 2020 and 2019 in both the U.S. and Canada. The good news was not solely confined to e-commerce. In both the U.S. and Canada, November in-store processing volumes surpassed pre-pandemic levels.
A ‘one-two’ punch for retailers
Rather than rely on a strong, concentrated Black Friday to Cyber Monday, merchants benefited from a one-two punch of strong sales before and after Thanksgiving. Given that the earlier shopping season seems to be a success for 2021, the question for 2022 might just be how early can sales start?
Building the future of shopping
As an industry leader who not only understands the consumer, shopping and payments, but also actively invests in innovation and the capabilities to help businesses win in a digital world, J.P. Morgan is committed to supporting you every step of the way.
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