Holiday Spending Soars to $706—Highest Since 2018!

$706

According to ICSC's 2024 Holiday Shopping Intentions survey, 63% of consumers plan to shop for gifts at discount department stores, with average holiday spending projected at $706—the highest since 2018. Despite inflation concerns, 37% of respondents plan to spend more this year, largely due to higher prices. Additionally, 68% of shoppers say discounts and exclusive deals will encourage them to shop in-store.

90

TikTok Shop is expanding its U.S. e-commerce presence by allowing select merchants to sell refurbished electronics from brands like Apple, Samsung, and Lenovo. These refurbished electronics will be available only after third-party inspection, and the buyer has an option called the 90-day Buyer Protection Program, which allows the user to return the item if the product is not performing well. The company also stated that by including pre-owned electronics, TikTok aims to tap into the $23 billion U.S. refurbished goods market, competing with established retailers like eBay and Walmart.

2000

This holiday season, Target has determined to reduce prices on over 2000 items, including holiday gifts, toys, health and beauty products, snacks, beverages, and grocery items as a part of the holiday promotion. Previously in May the company also reduced prices on 5000 products and by the end of the year Target is planning to cut prices on more than 10,000 items.

504.9 M

According to AdAge, audio advertising is gaining traction due to the growing popularity of podcasts and enhanced AI-driven targeting. With 79% of Americans listening to podcasts on their smartphones and global listeners projected to reach 504.9 million, audio offers a highly targeted and expansive advertising opportunity.

100

Meta's "year of efficiency" is extending into 2024, with layoffs affecting WhatsApp, Instagram, and Reality Labs. Despite reporting a Q2 net income of $13.47 billion and 73% YoY revenue growth, Meta recently laid off around 100 employees in engineering and business roles, according to Fortune.

500000

Bluesky gained 500,000 users in a single day after X (formerly Twitter) changed its blocking policy, allowing blocked users to still view posts, sparking criticism over potential harassment. Additionally, X's updated privacy policy permits third-party use of user content for AI training unless users opt out.

$9.83 B

Netflix has seen stronger-than-expected third-quarter results, with revenue hitting $9.83 billion. Ad-supported memberships surged 35% compared to Q2 2024, while subscriber growth reached 5.1 million, up 14% year-over-year. Netflix expects Q4 revenue to rise to $10.13 billion but has raised prices in several international regions.