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.