Deloitte: Black Friday-Cyber Monday Shoppers Rein in Spending

More consumers plan to shop during the Black Friday-Cyber Monday week, but cost pressures and financial constraints are expected to bring spending down.

NEW YORK, Nov. 24, 2025 /PRNewswire/ -- 

Key takeaways

• Consumers surveyed expect to spend an average of $622 during Black Friday-Cyber Monday (BFCM) shopping events (Thursday, Nov. 27 - Monday, Dec. 1), down 4% from last year.
• Year-over-year participation in BFCM is up slightly, with 82% of respondents planning to shop during the week.
• Nearly two-thirds of shoppers surveyed (64%) plan to use financing options to stretch their BFCM budgets, which remains in line with last year's findings.
• While BFCM has evolved into a hybrid event, 72% of Gen Z shoppers plan to shop in store on Black Friday, compared to 49% of all shoppers.

Why this matters
For seasonal shoppers in search of deals, Thanksgiving week promotions can help make the holidays merry and bright. Deloitte's "2025 Black Friday-Cyber Monday Survey" examines what retailers can expect from shoppers between Thanksgiving and Cyber Monday. This year, while many plan to cut back amid financial concerns, value is motivating more shoppers to make the most of the holiday week, both online and in-store.

Black Friday-Cyber Monday brings cheer to deal seekers
The BFCM period continues to spark joy as shoppers leverage the promotional period to stretch their holiday budgets. This comes as 61% of shoppers surveyed plan to take advantage of as many deals as possible.

• BFCM continues to make the list: 82% of surveyed consumers plan to shop BFCM this year, up from 79% in 2024. The overall participation rate is even higher among Gen Z shoppers (92%).
• After four years of growth, spending is expected to decline 4% to an average of $622. Among surveyed shoppers planning to spend less, the primary drivers are the higher cost of living (69%) and financial constraints (43%).
• Gen Z and millennial shoppers surveyed plan to keep their spending flat while Gen X and Boomers plan to reduce their spending by 9% and 12% respectively, year-over-year. Additionally, 56% of Gen Z respondents say they plan to cut back on other expenses to spend during BFCM, versus 41% of others.
• Lower- and higher-income households signal cutbacks: Those making less than $50K and those making $200K or more plan to spend 12% and 18% less, respectively, year-over-year. Only those making $100K-199K per year say they plan to spend more, an increase of 5% year-over-year.
• Nearly half (47%) of respondents say they have already experienced higher prices for holiday items this season, and more than one-third (34%) say retailers are discounting less. As a result, surveyed shoppers are holding out for deals: 60% have already put items in their carts to purchase during BFCM, 42% plan to use cashback websites to maximize deals, and 38% say they plan to only purchase items that are at least 50% off.
• To further stretch their BFCM budgets, nearly two-thirds of shoppers surveyed (64%) plan to use credit cards or buy now pay later (BNPL) services. Those who use financing methods to stretch their BFCM budgets are likely to spend 12% more than the average BFCM shopper. Credit card use is expected to be highest among millennials (60%).

Key quote 
"This season, consumers are eager to find the best deals to wrap up their holiday shopping. They have made their gift lists and are checking Black Friday-Cyber Monday promotions to stretch their budgets. While we expect shoppers to plan to pull back on spending, we also anticipate strong participation throughout the holiday week, with many planning to blend the convenience of online shopping with the energy of the in-store experience. This highlights the importance for retailers to deliver a smooth, connected experience no matter where people choose to spend their holiday dollars."

—     Natalie Martini, vice chair and U.S. Retail and Consumer Products sector leader, Deloitte

Consumers shop clicks and aisles
BFCM has evolved into a hybrid event, as surveyed consumers plan to shop online (60%) and in store (40%) throughout the five-day period.

• Two-thirds (68%) of respondents plan to shop at online-only retailers, which continue to be the top destination for BFCM shopping.
• 72% of Gen Z shoppers plan to shop in store on Black Friday, compared to 49% of all shoppers.
• According to respondents, the top reasons to shop in-store on Black Friday are to take advantage of doorbuster deals (54%), because the best in-store deals are on that day (52%), and because they enjoy shopping with friends and family (43%).
• The top reasons to shop online on Cyber Monday, according to respondents, are to avoid crowded retail stores (52%), save time and effort (50%), and to capture the best tech deals of the season (48%).
• BFCM survey respondents plan to purchase clothing and accessories (76%), electronics and accessories (56%), toys and hobbies (52%), and gift cards (51%).
• Despite being the unofficial kick-off to the shopping season, consumers surveyed are primarily using the October events to stock up on necessities that were on sale (64%) compared to those who primarily purchased gifts over essentials (26%).

Key quote
"Value continues to be the centerpiece of the holiday season, and Black Friday-Cyber Monday promotions are an easy way for shoppers to capture those deals. While most shoppers are showing restraint this season, the spending power of Gen Z is growing—they are responsible for about $20 of every $100 holiday dollar spent, compared to just $4 five years ago. And we expect they are headed back to the stores on Black Friday to take part in the excitement of the day."

—     Brian McCarthy, principal, Retail Strategy Leader, Deloitte Consulting LLP

Deloitte's "2025 Black Friday-Cyber Monday Survey" is based on a survey of 1,200 consumers fielded between Oct. 15 and Oct. 23.

About Deloitte
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SOURCE Deloitte