By The newspaper
Nov 26, 2023, 9:08 PM EST
American shoppers unleashed a shopping spree over the Thanksgiving holiday, underscoring their eagerness to revive the beloved tradition of Black Friday extravaganzas.
Despite the economic challenges, Adobe Analytics data reveals a staggering $10 billion spending spree on Black Friday, marking a notable 7.5% increase over the previous year.
According to Salesforce, the online space witnessed a parallel rise, with Black Friday digital spending increasing 9% year over year, reaching an impressive $16.4 billion.
Virtual shopping carts were filled to the brim as consumers browsed deals online, demonstrating the resilience of Black Friday shopping culture.
The Deloitte survey adds depth to this retail fervor, indicating that consumers are not simply window shopping; They plan to open their wallets wide.
The survey reveals a substantial 13% increase in planned spending during the Black Friday to Cyber Monday (BFCM) shopping events compared to 2022. Consumers, on average, are preparing to spend $567, sending a clear sign that the appeal of Black Friday deals is stronger than ever.
As the shopping extravaganza unfolds, Friday and Monday emerge as peak days for consumers to flex their spending muscles. A significant 65% of shoppers express their intention to participate in the Friday shopping frenzy, while 58% are eagerly awaiting Cyber Monday’s virtual aisles.
The Deloitte study delves into the motivations behind this increase in spending. For 51% of respondents, the inclination to buy more gifts is the driving force. A wardrobe upgrade appeals to 44% of shoppers, while 40% attribute their increased spending to the inevitable reality of higher prices this year.
The study reveals a nuanced picture of consumer behavior, reflecting a combination of gifting intentions, personal indulgence and recognition of inflationary pressures.
One notable revelation from the Deloitte survey is the resurgence of Black Friday and Cyber Monday engagement, which now matches pre-pandemic levels.
The resilience shown by consumers in the face of economic challenges such as inflation demonstrates the enduring appeal of these shopping events and the importance placed on getting the best deals.
As holiday lights illuminate both shopping districts and online platforms, this year’s Black Friday plays out not just as a retail event, but as a testament to consumer optimism and the enduring spirit of the holiday shopping season.
With open wallets and a determination to make the most of the season’s deals, Americans are signaling a strong return to the joyful frenzy of Black Friday, setting the stage for a festive and economically impactful season.
Keep reading:
· Inflation will affect the gifting plans of 76% of Americans
· Target announces discounts of up to 50% for Cyber Monday
· Older adults have had much more financial pressures in the years 2022 and 2023: Their debts tend to increase