Deloitte Study: More than 70 percent of Consumers Plan to Shop During the Holiday Weekend; Cyber Monday to Grab the Most Spending
NEW YORK, Nov. 19, 2018 /PRNewswire/ -- More than 7 in 10 (71 percent) holiday shoppers plan to head to the stores and online over the Thanksgiving weekend (Thanksgiving Thursday - Cyber Monday), according to a new survey from Deloitte.
- Holiday shoppers say they'll spend an average of $420 between Thanksgiving and Cyber Monday, and 88 percent expect to spend more or the same on the holiday season than they originally intended.
- People expect to shop almost evenly online and in stores – 89 percent plan to shop in-store and 91 percent plan to shop online.
- On Black Friday, 70 percent of respondents plan to shop in the stores, and half (50 percent) online. Nearly two-thirds (63 percent) say they plan to take advantage of early Black Friday deals online.
- Nearly three-quarters (73 percent) plan to shop online Cyber Monday, which is also poised to take nearly half (47 percent) of all online spending that occurs over the course of the weekend.
- Overall, 81 percent of weekend shoppers plan to head online or to stores on Black Friday, but Cyber Monday is gearing up to take the most dollars at an average of $170, higher than all other shopping days.
- Most Black Friday shoppers say they'll be early birds: Nearly three-quarters (72 percent) intend to be in the stores before 9 a.m. Those who start earlier also spend more than those who start later.
- The best deals are still on Black Friday, according to most people (56 percent) shopping over the weekend. The No. 1 reason respondents said they shop in the stores on Black Friday is to take advantage of the deals (82 percent).
- On Thanksgiving Day, 26 percent of weekend shoppers plan to head to the stores, and slightly more (29 percent) will shop online. The main reasons people plan to shop in the stores on Thanksgiving is to get a jump on the deals (68 percent) and because they enjoy shopping with family and friends or it's become a Thanksgiving ritual (55 percent).
- Top shopping destinations for in-store shoppers include mass merchants (45 percent), department stores (43 percent), and electronics/office supply stores (33 percent).
- Shoppers have mapped out their mobile and online backup options to manage the holiday rush: More than half (51 percent) say they'll go to another retailer if a site has technical issues; 41 percent indicate they would buy something online while in-store if they get better pricing; and 27 percent would check out while using their mobile device in the store to avoid long lines at the register.
- More than three in five (61 percent) shoppers are likely to visit stores with family and friends during the Thanksgiving period, a trend driven mostly by younger shoppers; that number rises to 76 percent among Gen Z respondents.
"People have responded to the early promotions that retailers have put in play to outdo the competition -- from early Black Friday deals to free shipping -- but the event still holds its place as a holiday tradition," said Rod Sides, vice chairman, Deloitte LLP and U.S. retail and distribution leader. "Most people maintain the perception that the best deals are on Black Friday, but it's also become a day for spending time with family and friends. The same appears to be true for the group of people who have made Thanksgiving Day shopping their family tradition. We see an even bigger draw toward Cyber Monday, which is set to attract shoppers both in-store and online, and capture the most dollars spent over the weekend."
Sides added, "The signs are in retailers' favor heading into the weekend, with traffic spread over multiple shopping days and both online and in-store channels. We're finding that people who plan to start shopping earlier on major shopping days tend to be those who spend more, which should encourage retailers to connect with people early and often with information people want most this time of year: promotions. That can also make a difference with undecided shoppers. This year, 45 percent or nearly half, of people in the survey told us they remain undecided which retailer they'll shop over the weekend."
About the survey
The survey was developed by Deloitte and conducted online by an independent research company Oct. 31 – Nov. 4, 2018. It polled a national sample of 1,200 adults 18 and older aligned with the U.S. census for age and household income who plan to shop during the holiday season and has a margin of error of plus or minus three percentage points.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including more than 85 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to make an impact that matters — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. 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.
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SOURCE Deloitte
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