The Third Monday of the year is commonly known as “Blue Monday”. This may be accompanied by media stories sensationalising the day, but what is Blue Monday and what does it mean?
Following a PR stunt in 2005, the concept of Blue Monday was fabricated. In 2023, Blue Monday falls on the 16th of January. The day is said to symbolise the most depressing day of the year. The combination of long dark nights, cold weather, and the end of the holiday season can lead to individuals feeling gloomy. Not only do we see people’s moods affected, but there is also an impact on payments around this time.
One of the trends over the festive season, was consumers turning to Buy Now, Pay Later (BNPL) and Credit options to purchase gifts and food. This suggests consumers predicted additional expenditure and opted to postpone their payments.
Merchants may find a decrease in E-Commerce sales, as consumers have less disposable income, and therefore their spending habits will decrease.
Incentivise Prior Purchases – Offer consumers “New Year’s Discounts”. This will incentivise transactions with consumers saving money on their favourite items.
Offer Future Discounts – Great deals aren’t just for Sales. Consider offering consumers future discounts if they make a purchase on Blue Monday. This will ensure you have customers returning time and time again.
Advertise Early and Plan Ahead – Plan your discounts well in advance of this date, allowing you to channel efforts into marketing, promoting your offerings to consumers, and generating awareness of savings to be had.
To learn more about how Cardstream can help you maximise your payments, click here for more information.
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