Holiday Shoppers Expected to Spend More on Black Friday and Cyber Monday Sales
Holiday shoppers are gearing up to spend generously during this year’s Black Friday and Cyber Monday sales, as revealed by a recent survey conducted by auditing firm Deloitte. The survey found that consumers are planning to spend an average of $567 between the two shopping extravaganzas, representing a significant 13% increase compared to the previous year.
To entice consumers impacted by inflation and rising credit card rates, retailers have upped the ante by offering increased sales and discounts. Thanksgiving provided a promising start, with consumers spending a remarkable $5.6 billion online, taking advantage of the strong discounts available.
However, despite the spike in holiday spending, many consumers are feeling the pinch, as their savings dwindle and credit card debt grows. This cautious financial approach has resulted in shoppers being more receptive to bargain deals, while still looking to make the most of the shopping events.
This year, Black Friday shoppers are expected to benefit from the best bargains seen since 2020, with numerous categories offering great deals. Exciting discounts are anticipated in toys, games, hobby gear, men’s suits, outerwear, sports coats, women’s dresses, and audio equipment. Toys, in particular, are expected to carry an average discount of 35%, while electronics will be available at a slashed price of 30%.
More than half of shoppers are planning to take full advantage of the store bargains available during Black Friday and Cyber Monday. The survey showed that four out of ten consumers intend to complete all their seasonal shopping within this four-day sales window, indicating the popularity and significance of these shopping events.
The National Retail Federation has also predicted a notable increase in turnout this year, with a projected 182 million people expected to shop between Thanksgiving Day and Cyber Monday. This marks the highest number of holiday shoppers since 2017.
Furthermore, consumers are increasingly shifting to online purchases during the holiday season. On Black Friday alone, shoppers are planning to spend an average of $169 on online purchases, reflecting a substantial 40% increase from 2019. In-store purchases, on the other hand, are expect to average around $138 on Black Friday.
As the holiday season unfolds, it will be interesting to see how these expected trends and spending habits play out. With attractive deals and discounts beckoning, consumers are entering the shopping season with both caution and eagerness to secure the best savings on their holiday purchases.
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