In a fresh analysis of holiday season activity, business services provider Deloitte maintained Black Friday-through-Cyber Monday spending should reach new heights in 2024.
Consumers surveyed by Deloitte expect to spend a record $650 during the Black Friday-through-Cyber Monday period from Thursday, November 28, to Monday, December 2, up 15% year over year.
Participation in period promotions remains steady year over year with eight in 10 surveyed consumers planning to shop during Black Friday weekend. Black Friday-through-Cyber Monday spending has accelerated since 2021, and all demographics and income levels plan to spend more this year, especially those making less than $50,000 or more than $200,000, as well as Gen Z shoppers, Deloitte maintained.
In purchasing, 53% of survey respondents said they plan to use credit cards, up from 35% in 2023, to stretch budgets; and 62% intend to stretch their budgets through two key financing methods, credit cards, at the aforementioned 53%, and buy-now-pay-later financing at 29%.
Not all consumers are content with what they’ve seen from retailers in the early holiday season, which is translating into Black Friday weekend interest: 45% of survey respondents said have already experienced higher prices for items shopped this season, and 32% said retailers are discounting less, so they plan to spend the majority of their holiday budgets during the promotional week to get the most bang for their buck. In all, consumers plan to spend 56% of their holiday budgets during the Black Friday-through-Cyber Monday period, up from 47% in 2023, Deloitte asserted.
As for destination, respondents indicated they prefer to shop at online-only stores, at 69%, and mass merchants, at 65%, during the Black Friday weekend period, with this year being the first when online-only retailers took the top spot as the preferred retail format. Deloitte reported surveyed consumers plan to spend $195 online and $150 in-store on Black Friday on average, and 58% of consumers have put products in online carts in anticipation of Black Friday-through-Cyber Monday promotions.
