How much will Americans spend between Black Friday and Cyber Monday?
High prices brought by inflation don’t seem to be fazing American consumers as they spend record amounts on holiday shopping during this season of sales.
Shoppers in the US turned out in droves to start their holiday shopping during the Thanksgiving break despite high prices brought about by inflation. It appears that Americans are longing to return to the time-honored tradition of shopping after bingeing on belly-busting Thanksgiving dinners.
According to Axios, data from Adobe Analytics report that shoppers racked up purchases of almost $10 billion on Friday alone. This represents a 7.5% increase from last year’s numbers.
Meanwhile, figures from Salesforce show that Black Friday’s online spending jumped 9% year-over-year, to $16.4 billion.
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Shoppers taking advantage of significant price drops
A survey by Deloitte indicates that shoppers are intending to make full use of the deals offered, with consumers planning to spend an average of $567 during the Black Friday to Cyber Monday (BFCM) shopping events (from Thursday, Nov. 23 to Monday, Nov. 27). This is a significant 13% increase from 2022 numbers. Peak days would be Friday and Monday, with 65% of shoppers saying they would shop on Friday, and 58% saying they would participate in Cyber Monday.
Among the shoppers who said that they were expecting to shell out more cash this year, 51% of the respondents said this is because they were intending to buy more gifts. Forty-four percent said that they were updating their closets with non-gift clothing, while 40% said it was simply because prices are higher this year.
The Deloitte study also says that participation of shoppers in BCFM has recovered and is now on par with pre-pandemic levels.