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Despite rising prices caused by inflation, consumers are expected to spend a record amount during Black Friday and Cyber Monday.
Consumers didn’t even wait until Black Friday to open their wallets. On Friday, Adobe Analytics said consumers spent ~$5.6 billion in Thanksgiving Day shopping, a 5.5% increase over what was spent on the same date a year ago. The same day, Macy’s (METER) CEO Jeff Gennette said Bloomberg The company reported strong online sales on Thanksgiving Day.
In a recent survey, Deloitte estimated that consumers will spend an average of $567 between November 23 and November 1. 27. That’s 13% more than the same period last year.
Deloitte’s Black Friday-Cyber Monday 2023 survey found that ~80% of respondents plan to shop during the five-day period. The professional services company conducted its research among 1.2 thousand consumers between October 19 and 25.
Retailers will be happy to know that 84% of respondents plan to spend the same or more than they budgeted in September.
Online retailers will be the recipients of the majority of spending (61%) and the remaining 39% of spending will be in physical stores.
The professional services firm. It was also found that Millennials (loosely defined as those born between 1981 and 1996) will be responsible for 43% of spending from Thanksgiving to Cyber Monday. That compares to 23% of Generation X, 20% of Baby Boomers and 13% of Generation Z.
As for what consumers will buy during this time, the most popular category is clothing and accessories: 70% of respondents said they expect to make purchases in this category. Electronics and accessories, toys and hobbies are on the minds of 53% of respondents. Only 27% of shoppers have their sights set on food and beverages.
In early November, the National Retail Federation projected that 182 million people plan to shop in stores or online from Nov. 23-27. That’s 15.7 million more consumers than last year.
Nearly 75% of holiday shoppers plan to spend during the five-day period. Additionally, 72% (130.7 million) are looking to shop on Black Friday, up from 69% last year. About 40% (71.1 million) said they would shop on Cyber Monday, according to the shop-during-thanksgiving-holiday-weekend” target=”_blank”>NRF.
At the beginning of November, the Predicted NRF Christmas spending in November and December would set a new record, growing 3% to 4% more compared to 2022, reaching between $957.3 billion and $966.6 billion.
Top retailers: Amazon (NASDAQ:AMZN), Target (TGT), Walmart (New York Stock Exchange:WMT), Best Buy (BBY), Apple (NASDAQ:AAPL), Costco (COST), Home Depot (New York Stock Exchange:HD), Lowe’s Companies (LOW), eBay (EBAY), Wayfair (W) and Etsy (E).
Broad-line retailers: Macy’s (M), Nordstrom (JWN), Dillard’s (DDS), Ross Stores (ROST), TJX Companies (TJX), Kohl’s Corp. (KSS), and Ollie’s Bargain Outlet (OLLI).
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