Your 2026 Guide to Q4 Audiences

Q4 2025 became the first holiday season on record to cross a trillion dollars. The National Retail Federation reported that spending from November 1 through December 31 grew 4.1% over 2024, landing at the top of its forecast range and confirming the record. Online, the season set its own high, with Adobe measuring a record $257.8 billion in e-commerce spending.

But who is doing that shopping? To find out, we paired third-party research with MNTN’s own advertiser data, which reflects how advertisers deployed keyword attribute categories across the platform from October through January. A clear pattern emerged, with consumers cycling through four distinct priorities over the final stretch of the year.

The Ramp: October

The first month of Q4, October, is the planning window for many consumers. These shoppers are browsing, researching, and sometimes setting a budget more than they’re actually using that budget. The NRF found that last year, 91% of consumers said they planned to celebrate the winter holidays, with expected spending averaging $890.49 per person (the second-highest figure NRF has recorded). The same survey found 42% of consumers planned to start shopping before November, mostly to spread out their spending or reduce last-minute stress, even as the majority still expected to finish purchasing in December. Halloween anchors the month of October, and functions as the season’s on-ramp with spending reaching a record $13.1 billion and nearly half of shoppers buying in September or earlier. Last October also saw a shift in purchasing behavior, with more consumers prioritizing experiences over physical products.

MNTN’s advertiser data reflects that early setup season. Gift-preparation framing leads the way in October for many brands. Keyword attribute categories built around bundling and seasonal packaging over-index against their quarterly baseline, and experiential categories such as workshops and cooking classes also ran strong from the start. By seeding gift consideration early, these advertisers are matching their targeting strategy to a shopper who is still in research mode.

The Peak: November

November is when all that browsing turns into outright buying. A record 202.9 million consumers shopped over the five-day stretch from Thanksgiving through Cyber Monday last year, with Black Friday drawing more than 80 million in-store shoppers. Online spending set its own records, with Adobe measuring $44.2 billion in Cyber Week spending, Cyber Monday reaching a record $14.25 billion, and Black Friday growing 9.1% to $11.8 billion. For the second year running, Black Friday’s online growth outpaced Cyber Monday, a sign these deal-seeking shoppers are responding to earlier, more competitive promotions.

That deal-and-gift surge shows up directly in MNTN’s data. Targeting gift-card related keyword attributes climbed sharply as Black Friday/Cyber Monday (BFCM) approached, and gift-oriented and personalized-product categories over-indexed alongside it. Advertisers who employ similar tactics will meet value-focused shoppers in the exact window when they’re most active and ready to convert.

The Close: December

December shoppers hold two priorities at once, and the first is altruism. GivingTuesday set a record with $4 billion donated and over 38 million participants in 2025. That generosity extended beyond the stereotypical older, wealthier donors: most gifts were under $100, and a large share of donors were new to the organizations they supported. MNTN’s campaign keyword attribute data follows the same patterns, with charity, fundraising, and nonprofit donation categories reaching their deployment peak in December. 

The second priority is a shift from interest in deals, to focused purchasing. As the shipping window narrows, the late shopper prioritizes quality over discounts. Search data showed demand climbing for premium and wellness brands in the final stretch before Christmas. Self-gifting peaks here too, with 39% of Gen Zers and 38% of Millennials planning to spend their holiday budget on themselves, led by beauty and personal care.

The Reset: Resolution Season

As December closes, the buying mindset turns to look ahead. January marks the start of resolution season, which at MNTN we think of as a kind of Q5. While this season technically lands after Q4, the research that informs purchases made in this timeframe often starts in the final days of December. So this audience belongs in your Q4 planning even if their transactions happen later. This is also the sharpest shift in targeting strategies that MNTN advertisers make all quarter. Health and wellness categories surged in late December and early January, spanning nutrition, supplements, fitness planning, along with meal kits and meal plans. 

The third-party research explains why. The Health and Fitness Association found that 54% of goal-setters, roughly 82 million Americans, planned to focus on health and fitness in 2026, with $60 billion in planned spending behind it. Fitness is also a protected category, with only 23% of Americans saying they would cut it in a budget squeeze, well behind dining out and travel. This audience tends to skews younger, and the post-holiday window adds deal-hunting and gift card redemption that extends shopping momentum into January rather than ending it at Christmas.

Know the Phase, Win the Quarter

The Q4 shopper is not one audience with one behavior. They move through four distinct buying priorities over the quarter, and to reach them, advertisers will have to match their creative to the moment. Brand-building earns its place in October, offer-driven creative wins the November shopping peak, quality and intent messaging carries the December close, and wellness-focused creative opens resolution season. The brands that plan for the phase in front of them, rather than running one flat holiday push across the whole quarter, are the ones positioned to capture Q4 from end to end, and the Q5 that follows.