Consumers are expected to spend in record amounts during this year’s Black Friday and Cyber Monday sales, according to a survey from Deloitte.
During these shopping events, which run from Thursday, November 28 to Monday, December 2, consumers surveyed said that they expect to spend a record $650. This marks a 15% increase from last year.
Consumers across all demographics and income levels intend to spend more. Notably, those making less than $50,000 intend to spend 22% more than last year, while consumers who make more than $200,000 intend to spend 20% more.
Nearly half of respondents expect the best deals of the season on Black Friday, with two-thirds planning to shop that day.
Additionally, more than two-thirds (69%) of consumers surveyed said they prefer to show at online-only retailers and mass merchants (65%) to secure the best value. Deloitte.highlighted that this year online-only retailers were named the top preferred retail format for the first time.
More consumers are intending to use credit cards for their purchases at 53%, up from 35% in 2023, and 29% plan to use buy now, pay later services.
“This year we have a shorter holiday shopping season with the late Thanksgiving. Combined with a deal-focused consumer, we can expect to see holiday shoppers spend big during Black Friday-Cyber Monday promotions as they seek to close out their holiday shopping lists in a shorter timeframe,” Brian McCarthy, principal and Deloitte Consulting, commented.
“We continue to see the week evolve as a hybrid event, but online retailers are taking the top spot for the preferred format for the first time among those surveyed. This reinforces the importance of offering a consistent omnichannel experience to draw in consumers whether they plan to shop in-store, online, or both.”