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Deloitte: Black Friday-Cyber Monday Spending Expected to Reach New Highs

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News provided by

Deloitte

Nov 25, 2024, 08:00 ET

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Seasonal shoppers focus on deals to make the most of every festive dollar this season

NEW YORK, Nov. 25, 2024 /PRNewswire/ -- 

Key takeaways

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According to Deloitte, consumers expect to spend a record $650 during Black Friday-Cyber Monday shopping events (Thursday, Nov. 28 - Monday, Dec. 2), up 15% from last year.
According to Deloitte, consumers expect to spend a record $650 during Black Friday-Cyber Monday shopping events (Thursday, Nov. 28 - Monday, Dec. 2), up 15% from last year.

  • Consumers surveyed expect to spend a record $650 during Black Friday-Cyber Monday (BFCM) shopping events (Thursday, Nov. 28 - Monday, Dec. 2), up 15% from last year.
  • Year-over-year participation in BFCM remains steady with 8 in 10 surveyed planning to shop during the week.
  • BFCM spending has accelerated since 2021, and all demographics and income levels plan to spend more, especially those making less than $50K or more than $200K and Gen Z shoppers.
  • More than half (53%) of consumers surveyed plan to use credit cards (up from 35% in 2023) to stretch their BFCM budgets. 62% plan to stretch their BFCM budgets through financing methods, including credit cards (53%) and 'buy now pay later' (29%).

Why this matters
For deal seekers this holiday season, Thanksgiving week promotions can represent the most wonderful time of the year. Deloitte's "2024 Black Friday-Cyber Monday Survey" examines what retailers can expect from shoppers between Thanksgiving and Cyber Monday. This year, even as consumers plan to spend more, value (i.e., getting more for less) appears to be at the top of most gift lists.

Black Friday-Cyber Monday shoppers plan to spend more
Nearly half (45%) of consumers surveyed say they have already experienced higher prices for holiday items this season, and almost a third (32%) of respondents say retailers are discounting less. As a result, shoppers plan to spend the majority of their holiday budgets during the promotional week to get the most bang for their holiday buck.

  • BFCM continues to reign: 80% of those surveyed plan to shop during BFCM. While participation is expected to be similar to 2023, spending is expected to reach a new high of $650 (+15% from 2023).
  • Consumers plan to spend more than half (56%) of their holiday budgets during the BFCM period, up from 47% in 2023, further underscoring the importance of the holiday week for seasonal shoppers.
  • All income groups plan to increase their spending during BFCM, but those making less than $50K and those making $200K or more plan to spend 22% and 20% more, respectively, year-over-year.
  • BFCM spending has accelerated since 2021; the three-year compounded annual growth rate (CAGR) (2021-2024) for BFCM spend is 13.2% and even higher among Gen Z shoppers (25%).
  • Respondents indicate they prefer to shop at online-only retailers (69%) and mass merchants (65%) during the BFCM period as they seek value. This year, online-only retailers took the top spot for the first time as the preferred retail format among consumers surveyed.
  • To stretch their BFCM budgets, 53% of respondents plan to use credit cards (up from 35% in 2023), and 29% will leverage buy now pay later (BNPL) services. Overall financing and credit card usage are highest among millennials (72% for each).

Key quote
"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. 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."

      —  Brian McCarthy, principal, Deloitte Consulting LLP

Consumers count on Black Friday deals
Despite heightened interest in October promotional events, only a third (32%) of those who shopped during that time period say it offered the best deals, compared to 49% who said the same in 2023, opening up an opportunity for retailers to attract value-seeking shoppers during the BFCM week. This is compounded by nearly half (47%) of respondents who say the best deals of the season are on Black Friday.

  • Two-thirds (66%) of shoppers surveyed plan to shop on Black Friday, driving participation back up to prepandemic levels and recovering from a low of 56% in 2021.
  • Surveyed consumers plan to spend $195 online and $150 in-store on Black Friday on average.
  • Expected online spending on Black Friday is growing faster than in store. Overall, the five-year CAGR (2019-2024) for online shopping is 10%, compared to 3% for in store.
  • Shoppers are filling their online shopping carts as doorbuster deals slowly lose appeal. This year, only a quarter of consumers surveyed plan to shop in-store to take advantage of doorbusters.
  • Six in 10 (58%) looking for deals say they have already put items in their online cart to purchase during BFCM, four in 10 (37%) will only buy items during BFCM that are at least half off, and a third (34%) will likely make a BFCM purchase while at work.

Seasonal shoppers wrap up discounted gifts
Consumers surveyed plan to capitalize on discounted gifts and spend in four categories this year during the Thanksgiving week versus three in 2023.

  • All gift categories are expected to see increased participation as consumers seek discounts. BFCM survey respondents plan to purchase clothing and accessories (77%), electronics and accessories (57%), and toys and hobbies (54%).
  • Health & wellness and pet products are expected to see double-digit participation – 34% and 29%, respectively.
  • About one-half (48%) of surveyed consumers plan to take advantage of discounts to buy a gift for themselves and spend an average of $280.

Key quote
"Consumers are relying on this week to stretch their dollars. Black Friday-Cyber Monday is all about value; this year, all income levels and age groups are looking for deals. Holiday shoppers expect to spend more than half their holiday budget (56%) this week, and we expect to see an even greater share of spending among Gen Z and millennials seeking deals on gifts for loved ones and for themselves."

      —  Stephen Rogers, managing director, Deloitte Insights Consumer Industry Center, Deloitte Services LP

Deloitte's "2024 Black Friday-Cyber Monday Survey" is based on a survey of 1,200 consumers fielded between Oct. 16 and Oct. 24.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SOURCE Deloitte

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