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NEW YORK — Seventy-nine percent of consumers will shop for holiday gifts during the period between Thanksgiving and Cyber Monday, according to Deloitte, which has dubbed the upcoming weekend “the most wonderful time of the year” for retailers.
Shoppers are expected to spend an average of $415 over Thanksgiving weekend, with 87% of those who intend to shop planning to do so in store, and 94% planning to shop online. Mass-merchant stores and online retailers are the preferred shopping venues.
Deloitte commissioned a national survey of 1,200 consumers to better understand spending for the upcoming holiday shopping days between Thanksgiving and Cyber Monday. The survey was conducted online between October 31 and November 5 by an independent research company.
“Despite retailers getting a jump-start on holiday deals — whether that’s announcing a pre-Black Friday sale or offering free shipping — we’re expecting a solid showing in stores on Black Friday this year,” Deloitte vice chairman Rod Sides said in a statement. “For many groups of friends and family, Black Friday shopping is a tradition that brings them all together. However, online shopping continues to attract shoppers, both on Black Friday and Cyber Monday. In fact, of the folks we surveyed, more plan on shopping online than in-store during the Thanksgiving period.”
More than three-quarters of respondents (79%) plan on holiday shopping during the Thanksgiving period. Of those who plan to shop in-store, more than one quarter of respondents (26%) will do so on Thanksgiving Day, and 70% will do so on Black Friday.
For those individuals who plan to shop online, more than one-third (33%) will do so on Thanksgiving Day and 54% plan to shop on Black Friday.
The survey found that younger consumers (Generation Z and Millennials) are more likely to head to the stores on Black Friday. Eighty-two percent of Gen Z shoppers and 60% of Millennial shoppers plan to be shopping in a store on Black Friday. Gen X shoppers plan on spending the most during the Thanksgiving period, an average of $452, closely followed by Millennials at $446.
