2026年年终购物解码 Year-End Shopping Decoded 2026Q4

CZITEO

Year-EndShopping

Decoded

GLOBALQ42026

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Thelessonsshapingtheseason

ahead

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BlackFridayandCyber6nolongerfollowasingle,

predictableplaybook.ShoppersaremovingthroughQ4inmorecomplexways—respondingtopromotions,

shiftingbetweenchannels,discoveringbrandsacrossretailers,andshowingupatkeymomentswithvaryinglevelsofintent.

Formarketers,thatcomplexitycreatespressure,butalsoaclearopportunity.Winningtheyear-end

shoppingseasonwillrequireasharperunderstandingofwhenshoppersstartresearching,whatmotivatesthemtobuy,andhowbehaviorsshapethepathto

purchase.

Thisreportexaminesthesignalsthatdefinedlastyear'speakshoppingseason,offeringapracticalviewof

whereadvertiserscanfocus,optimize,andact.

HOLIDAYINSIGHTSCRITEO

01

Q4MacroTrends

UNITEDSTATES

MoreUSshoppersbrowsed,

butfewerconverted

USretailtrafficincreasedby3%inQ4,

indicatingcontinuedshopperengagementyearoveryear.

However,salesdeclinedby7%andrevenuefellby2%,largelydrivenbya10%decreaseinconversionrate.

Averageordervalueincreasedby5%,helpingoffsetpartoftherevenueimpactfromfewerconversions.

Sales7%

Revenue2%

Traffic3%

ConversionRate-10%

AOV5%

-25%-15%-5%5%15%25%

Q4YoYRetailPerformance,2025vs2024

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024.UnitedStates.Revenueandaverageordervaluearebasedonlocal-currencytransactionvalues.

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HOLIDAYINSIGHTS

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UNITEDSTATES

USretailsoftness

persistedacrossQ4

USretailsalesandrevenuedeclinedyearoveryearin

October,November,andDecember.

Octobersawthesharpestsalesdecline,whileNovember

wasslightlylessnegative,supportedinpartbymoreofthe2025Cyber5periodfallinginNovemberversus2024.

Decemberremainedunderpressureagainstatougheryear-over-yearholidaycomparison.Overall,theQ4declinewasdrivenprimarilybylargeretailers.

Sales

Revenue

Traffic

ConversionRate

AOV

-25%

-15%

2025vs2024

■Oct■Nov■Dec

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024monthlybreakdown.UnitedStates.Revenueandaverageordervaluearebasedonlocal-currencytransactionvalues.

HOLIDAYINSIGHTS

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EMEA

TrafficgrowthpoweredEMEA'sQ4retailperformance

EMEAretaildeliveredpositiveQ4growth,withsalesup4%andrevenueup2%yearoveryear.

Growthwasprimarilydrivenbystrongertraffic,whichincreased6%yearoveryear.

Conversionratedeclinedby2%andaverageordervaluewas

down1%,slightlylimitingtheimpactofhighershopperactivity.

Q4YoYRetailPerformance,2025vs2024

Sales4%

Revenue2%

Traffic6%

ConversionRate2%

AOV1%

-5%-3%-1%1%3%5%7%9%

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024.EMEA.

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EMEA

EMEAgrowthremainedpositive,butmomentum

slowedattheendofQ4

EMEAretaildeliveredpositivesalesgrowththroughoutQ4,withNovemberrecordingthestrongestuplift,supportedbykeyretailmomentsincludingBlackFriday.

RevenuewaspositiveinOctoberandNovemberbutturnedslightlynegativeinDecemberyear-over-year.Importantly,moreofthe2025Cyber5periodfellinNovemberversus

2024.

Trafficremainedtheprimarygrowthdriverthroughoutthequarter,whileweakerconversionratesandloweraverageordervaluesinDecemberlimitedend-of-quarter

performance.

Q4YoYMonthlyRetailPerformance,2025vs2024

Sales

Revenue

Traffic

ConversionRate

AOV

-15%-10%5%0%5%10%20%

■Oct■Nov■Dec

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024monthlybreakdown.EMEA.

JAPAN

Q4YoYRetailPerformance,2025vs2024

Smallerbasketsweighedon

Japan'sQ4revenue

JapanretailsaleswerebroadlystableinQ4,decliningjust1%yearoveryear,whiletrafficremainedflatandconversion

rateswereslightlylower.

Revenuedeclined14%,largelydrivenbya13%dropin

averageordervaluedespiterelativelystablesalesvolume.Thedatasuggeststhatweakerbasketsizes,ratherthan

reducedshopperactivity,weretheprimarysourceofpressureduringthequarter

Sales

Revenue

Traffic

ConversionRate

AOV

-30%

-1%

-14%

0%

-1%

-13%

-20%-10%(0%10%20%

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024.Japan.Revenueandaverageordervaluearebasedonlocal-currencytransactionvalues.

2026

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JAPAN

Japan'srevenueremained

underpressurethroughoutQ4

JapanretailrevenuedeclinedinOctober,November,andDecember.

Averageordervalueremainednegativethroughoutthequarter,

fallingmostsharplyinOctoberandremainingweakinNovemberandDecember.

SalesandconversionrateswereslightlypositiveinOctoberandNovemberbutturnednegativeinDecember,whiletraffic

remainedbroadlyflatacrossallthreemonths.

Q4YoYMonthlyRetailPerformance,2025vs2024

Sales

Revenue

Traffic

ConversionRate

AOV

-35%5%15%25%

■Oct■Nov■Dec

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Q42025vs.Q42024monthlybreakdown.Japan.Revenueandaverageordervaluearebasedonlocal-currencytransactionvalues.

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HOLIDAYINSIGHTS

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02

WhereCyber6grewaround

theworld

HOLIDAYINSIGHTS

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UNITEDSTATES

BlackFridaydominatedUSCyber6activity

USretailactivityacceleratedthroughoutNovemberbeforereachingitshighestlevelsonBlackFriday.Comparedwiththefirstfourweeks

ofOctober,BlackFridaygeneratedthehighestupliftsof225%inrevenue,205%insales,and101%intraffic,reinforcingitspositionasthemostimportantshoppingdayoftheseason.

Singles'Day11/11

360

310

260

210

BlackFriday

CyberMonday

PeakupliftonBlackFriday

——Traffic(+101%)

160

——Revenue(+225%)

110

60

10

Oct1

-40

Nov12Nov26Dec3

——Sales(+205%)

Dec10Dec17Dec24Dec31

Source:CriteoCommerceData.IndexedmetricsrelativetothefirstfourweeksofOctober2025.UnitedStates,allsitetypes.PercentagesrepresentmetriicupliftonBlackFriday2025versusthesamebaseline.UTCtime.

EMEA

BlackFridayanchoredEMEACyber6activity

EMEAretailactivitybuiltsteadilythroughoutNovemberandreacheditshighestlevelsonBlackFriday.Comparedwiththefirstfourweeks

ofOctober,BlackFridaygeneratedpeakupliftsof174%inrevenue,136%insales,and62%intraffic,highlightingthecontinuedimportanceoftheeventacrossEuropeanmarkets.

Singles'Day11/11BlackFridayCyberMonday

300

250

200

150

100

50

Peakuplifton

BlackFriday

—Revenue(+174%)

—Sales(+136%)

—Traffic(+62%)

Oct1Oct8Oct15Oct22Oct29Nov5Nov12Nov19Nov26Dec3Dec10Dec17Dec24Dec31

Source:CriteoCommerceData.IndexedmetricsrelativetothefirstfourweeksofOctober2025.EMEA,allsitetypes.PercentagesrepresentmetricupliftonBlackFriday2025versusthesamebaseline.UTCtime.

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JAPAN

Japan'sstrongestCyber6activitypeakedbeforeCyberMonday

Japanretailactivitystrengthenedthroughouttheseason,withpeakperformanceoccurringbeforeCyberMonday.ComparedwiththefirstfourweeksofOctober,peakCyber6activitydroveupliftsof47%inrevenue,31%insales,and16%intraffic,suggestingshopperdemandwasconcentratedaroundthebroaderCyber6periodratherthanBlackFridayalone.

Singles'Day11/11BlackFridayCyberMonday

300

DoubleTwelve12/12

uplifton

250Cyber6

200——Traffic(+16%)

150

——Revenue(+47%)

100

50——Sales(+31%)

Oct1Oct8

Source:CriteoCommerceData.IndexedmetricsrelativetothefirstfourweeksofOctober2025.Japan,allsitetypes.PercentagesrepresentmetricupliftduringCyber6(Thursday-Tuesday)2025versusthesamebaseline.UTCtime.

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UNITEDSTATES

USCyber6trafficrose,butsalessoftened

USretailtrafficincreasedby3%duringCyber6,suggestingcontinuedshopperinterest.

However,salesdeclinedby7%asconversionratefellby10%,

showingthathighertrafficdidnottranslateintomorepurchases.

Revenuedeclinedby4%,butlesssharplythansales,asaverageordervalueincreasedby4%.

Sales7%

-25%-15%-5%5%15%25%

Revenue

Cyber6YoYRetailPerformanceThursdaytoTuesday,2025vs2024

Traffic3%

AOV

CR

-10%

4%

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Cyber62025vs.Cyber62024.UnitedStates.Revenueandaverageordervaluearebasedonlocal-currencytransactionvalues.

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HOLIDAYINSIGHTS

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UNITEDSTATES

SmallerUSretailers

outperformedduringCyber6

WhileoverallUSretailperformancesoftenedduringCyber6,smallerretailersdeliveredstrongerresults.

Smallretailerssawtrafficincreaseby15%andsalesgrowby5%yearoveryear,outperformingmediumandlarge

retailers.

Bycontrast,largepartnerssawsalesdeclineby10%,

suggestingoverallCyber6softnesswasmoreconcentrated

amonglargerretailers.

-15%

USRetailCyber6YoYSales

andTrafficbyPartnerSize,

ThursdaytoTuesday,2025vs2024

20%

15%

9%

5%

5%

1%

0%

-5%

-10%

-10%

15%

10%

Traffic

Large

Sales

Large

Traffic

Medium

Sales

Medium

Traffic

Small

Sales

Small

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Cybe62025vs.Cyber62024.UnitedStates.Retailpartnersgroupedintosales-sizetertilesbasedon2024Cyber6sales:Small=bottomthird,Medium=middlethird,Large=topthird.ValuesrepresentcombinedYoYchange.

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EMEA

TrafficgainsliftedEMEACyber6growth

EMEAretailshowedpositivemomentumduringCyber6,withsalesup5%andrevenueup3%yearoveryear.

Growthwasprimarilydrivenbyhighershoppertraffic,whichincreased7%yearoveryear.

However,conversionratesandaverageordervaluesbothdeclinedby2%,indicatingthatstrongertraffichelpedoffsetsofterpurchaseefficiencyandbasketvalue.

Sales

Revenue

Traffic

CR

AOV

-10%

Cyber6YoYRetailPerformanceThursdaytoTuesday,2025vs2024

5%

3%

7%

-2%

-2%

-5%0%5%10%15%20%

AllRetail

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Cyber62025vs.Cyber62024.EMEA.

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JAPAN

Moreorders,butsmaller

basketsweighedonrevenue

Japanretailsalesincreasedby11%duringCyber6,supportedbyslightlyhighertraffic(+1%)andstrongerconversionrates(+10%).

However,revenuedeclinedby8%asaverageordervaluedroppedsharply(-17%),morethanoffsettingtheincreaseintransactions.

ThedatasuggestsCyber6demandremainedstrong,butshoppersshiftedtowardlower-valuepurchasesormorepromotion-drivenbuyingbehavior.

Sales11%

Cyber6YoYRetailPerformanceThursdaytoTuesday,2025vs2024

Revenue-8%

CR

Traffic1%

10%

AOV

-17%

-40%-30%-20%-10%0%10%20%30%

Source:CriteoCommerceData.Year-over-yearonlinemetrics,Cyber62025vs.Cyber62024.Japan.Revenueandaverageeordervaluearebasedonlocal-currencytransactionvalues.

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BlackFridayparticipationedgedupinJapan

Theshareofretailerswithatleast+20%salesupliftonBlackFridaycomparedtofirstweekofNovember

increasedslightlyinJapanversus2024.

ThissuggestsBlackFridayparticipationbroadened,eveniftheoveralshiftremainedmodest.

Whilethechangewasonly+3.1percentagepoints,itpointstoasmallincreaseinthenumberofretailersseeingmeaningfulsalesaccelerationontheday.

Source:CriteoCommerceData-AllRetail,BlackFriday2025comparedto2024.Allsitetypes.Japan.Participatingretailersdefinedaspartnerswithatleast+20%salesupliftonBlackFridaycomparedwiththeiraveragedailysalesfromNov.1-7ofthesameyear.

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ShareofBlackFridayparticipatingretailers-2025vs2024

+3.1pts

HOLIDAYINSIGHTSCRITEO18

UNITEDSTATES

BlackFridayandCyberMondaydriveasurgeinnewbuyers

NewbuyeracquisitionatUSretailerssurgedduringkeyholidayshoppingmoments,reaching+261%onBlackFridayand

+225%onCyberMondayversusthefirstfourweeksofOctober2025.

OnBlackFriday,new-to-retailerbuyersmadeupa4%largershareoftotalbuyerscomparedwiththedailyaveragefromthefirstfourweeksofOctober2025,highlightingthevalueof

activatingduringhigh-intentshoppingperiods.

400

350

300

250

200

150

100

DailyIndexedNewBuyers

+261%

+225%

50

Oct1Oct9Oct17Oct25Nov2Nov10Nov18Nov26Dec4Dec12Dec20Dec28

Source:CriteoCommerceData.Allretailcombined,UnitedStates.IndexednewbuyeracquisitionrelativetothefirstfourweeksofOctober2025.Newbuyersarefirst-timebuyersonagivenretailer.Allsitetypes.

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EMEA

350

DailyIndexedNewBuyers

BlackFridayremainsakey

acquisitionmomentinEurope

NewbuyeracquisitionatretailersacrossEuroperosesharplyduringtheBlackFridayperiod,peakingat+189%and+177%versusthefirstfourweeksofOctober2025.

OnBlackFriday,new-to-retailerbuyersmadeupa2%largershareoftotalbuyerscomparedwiththedailyaveragefromthefirstfourweeksofOctober2025,highlightingthevalueofactivatingduringhigh-intentshoppingperiods.

300+189%

250

200

150

100

50

0

Oct1Oct9Oct17Oct25Nov2Nov10Nov18Nov26Dec4Dec12Dec20Dec28

Source:CriteoCommerceData.Allretailcombined,Europe(UK,ES,IT,FR,DE,PL).IndexednewbuyeracquisitionrelativetothefirstfourweeksofOctober2025.Newbuyersarefirst-timebuyersonagivenretailer.Allsitetypes.

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JAPAN

Japan'snewbuyeracquisitiondoubledinlateNovember

NewbuyeracquisitionatretailersinJapanbuiltsteadilythroughendofyearshoppingseason,peakingat+101%aroundBlackFriday

versusthefirstfourweeksofOctober2025.

OnBlackFriday,new-to-retailerbuyersmadeupa0.6%largershareoftotalbuyerscomparedwiththedailyaveragefromthefirstfour

weeksofOctober2025.

DailyIndexedNewBuyers

250

200

+101%

wNy

50

0

Oct1Oct9Oct17Oct25Nov2Nov10Nov18Nov26Dec4Dec12Dec20Dec28

Source:CriteoCommerceData.Allretailcombined,Japan.IndexednewbuyeracquisitionrelativetothefirstfourweeksofOctober2025.Newbuyersarefirst-timebuyersonagivenretailer.Allsitetypes.

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03

How

discountsshapeQ4

UNITEDSTATES

BlackFriday2025,AverageIncreaseinUnitSales,DiscountedvsNon-Discounted

Discountsgaveshoppersanextrareasontobuy

DiscountedproductssawsubstantialBlackFriday

demand,butnon-discountedproductsalsobenefitedfromelevatedshoppingactivity.

Withanaverage13%discountversusthefirstweekof

November,HairStylingToolsrecordeda572%increaseinunitsalesonBlackFriday.

Evenwithoutadiscount,thecategorystilldelivereda213%increaseinunitsales,suggestingthatstrong

holidaydemandextendedbeyondpromotedproducts.

HairStylingTools

SkinCare

Headphones&Headsets

Watches

Makeup

VideoGameConsoles

Shoes

CoffeeMakers&EspressoMachines

Bookcases&StandingShelvesPerfume&Cologne

Pants

LaptopsCoats&Jackets

Shirts&Tops

Earrings

Sofas Necklaces RefrigeratorsComputerMonitors

572%

504%

319%

494%

234%

134%

196%

136%

132%

283%

343%

342%340%

301%

298%290%

249%

279%

252%

175%

377%

372%

372%354%

417%

417%

121%

151%

153%

181%

177%

157%

213%

187%

0%100%200%300%400%500%600%700%

■Non-Discounted

Source:CriteoCommerceData.UnitedStatesretail,allsitetypes.Averagechangeinunitsalesofdiscountedandnon-discountedproductsbycategoryonBlackFriday2025,comparedwiththeaverageduringthefirstweekofNovember

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UNITEDSTATES

Fashionofferedthesteepest

USBlackFridaydiscounts

Discountedproductssawaveragepricereductionsofupto19%onBlackFriday.

Coats&JacketsandWatchesrecordedthedeepestdiscounts,

whileDresses,Shirts&Tops,Pants,SkinCare,andShoesalsosawaveragepricereductionsexceeding15%.

BlackFriday2025,AveragePriceDecreaseforDiscountedProducts

-19%

-19%

-18%

-18%

-18%

-17%

-17%

-16%

-16%

-15%

-15%

-15%

-14%

-14%

-13%

-20%-15%-10%-5%0%

Coats&Jackets

Watches

Dresses

Shirts&Tops

PantsSkinCareShoes

Makeup

Bookcases&StandingShelves

Headphones&Headsets

Nightstands

Perfume&Cologne

NecklacesFoodMixers&Blenders

HairStylingTools

-25%

Source:CriteoCommerceData.UnitedStatesretail,allsitetypes.DiscountedSKUsinselectedpartner-categorypairswith+20%BlackFriday2025unit-salesuplit.PricechangesmeasuredagainstaNovember1-7baselineandaveragedatthepartnerlevel.

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EMEA

Laptops

CoffeeMakers&EspressoMachines

Rings

ComputerMonitorsMakeup

Headphones&HeadsetsPerfume&Cologne

EarringsSkinCare

MobilePhones

HairStylingToolsNecklaces

Pants

Shoes

Shirts&TopsCoats&JacketsDresses

EMEAconsumerswerereadytoshop,discountornot

DiscountedproductssawstrongBlackFridaydemand,butnon-discountedproductsalsocapturedmeaningfulsalesuplift.

Withanaverage10%discountversusthefirstweekof

November,Laptopsrecordeda427%increaseinunitsales.

Evenwithoutadiscount,laptopsalesstillincreasedby121%.ThissuggestsBlackFridaycontinuestodrivebroadshoppingintent,extendingdemandbeyonddiscountedproductsalone.

BlackFriday2025,AverageIncreaseinUnitSales,DiscountedvsNon-Discounted

427%

121%105%

343%330%325%

324%

243%

307%

227%

289%

121%

288%

155%

211%287%

287%

279%

258%244%

241%

212%

110%

182%

68%

0%50%100%150%200%250%300%350%400%450%

112%

145%

111%86%

116%

157%

91%

70%

■Non-Discounted

Source:CriteoCommerceData.Europeretail(UK,ES,IT,FR,DE,PL),allsitetypes.Averagechangeinunitsalesofdiscountedandnon-discountedproductsbycategoryonBlackFriday2025,comparedwiththeaverageduringthefirstweekofNovember.

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EMEA

Promotionswerewidespread

acrossEuropeancategories

Discountedproductssawaveragepricereductionsofupto18%onBlackFriday.

Shirts&TopsandRefrigeratorsrecordedthedeepestdiscounts,followedbyRings,SkinCare,Makeup,andShoes.

Discountingwasbroad-basedacrossapparel,beauty,

electronics,andhomecategories,suggestingretailersusedpromotionswidelytocapturefestiveseasondemand.

BlackFriday2025,AveragePriceDecreaseforDiscountedProducts

Shirts&Tops

Refrigerators

Rings

SkinCareMakeup

Shoes EarringsHairStylingTools

Headphones&HeadsetsPerfume&Cologne

Watches

SofasVideoGameConsoles

Laptops

Televisions

ComputerMonitorsMobilePhones

-25%

-18%

-18%

-17%

-15%-15%

-15%

-14%-14%

-14%-13%-13%

-13%

-12%

-10%

-9%-9%-9%

-20%-15%-10%-5%0%

Source:CriteoCommerceData.Europeretail(UK,ES,IT,FR,E,PL),allsitetypes.AveragediscountbycategoryonBlackFriday2025,comparedwiththeaverageduringthefirstweekofNovember,fordiscountedSKUs.

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JAPAN

Discountsdidnotalways

drivethebiggestuplift

AcrossselectedcategoriesinJapan,BlackFridaydemand

increasedforbothdiscountedandnon-discountedproducts.Pantsstoodout:despiteanaverage10%discount,discountedproductsrecordeda71%increaseinunitsales,whilenon-

discountedproductsincreasedby121%.

Thissuggeststhat,insomecategories,BlackFridaydemandwasstrongenoughtodrivemeaningfulgrowthevenwithout

promotionalpricing.

BlackFriday2025,AverageIncreaseinUnitSales,DiscountedvsNon-Discounted

103%

SkinCare

45%

92%

Shirts&Tops

14%

Pants

121%

70%

Earrings

85%

20%40%60%

80%100%

71%

0%

■Discounted■Non-Discounted

Source:CriteoCommerceData.Japanreta,allsitetypes.Averagechangeinunitsalesofdiscountedandnon-discountedproductsbycategoryonBlackFriday2025,comparedwiththeaverageduringthefirstweekofNovember.

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JAPAN

Japanfocuseddiscountson

Coats&Jackets

Earrings

Headphones&Headsets

DressesWatches

Makeup

PantsShoes

Shirts&Tops

SkinCare

Toothbrushes

HairStylingTools

Rings

Laptops

Necklaces

FashionandBeauty

Discountedproductssawaveragepricereductionsofupto1