Eye on Retail: Short season may impact Black Friday/Cyber Monday
This year’s shortened holiday shopping season is causing shifts in spending behavior.
According to predictions from online discount platform RetailMeNot, shoppers plan to spend $738 during Black Friday/Cyber Monday weekend this year, compared to $803 in 2018. Generationally, GenX consumers will spend the most ($849), followed by baby boomers ($701), millennials ($696), and GenZ ($537). Defying stereotypes, men ($818) will spend a good deal more on average than women ($665). Less surprisingly, parents ($809) will shell out more than consumers with no kids ($631).
However, the holiday season is almost a full week shorter this year, with only 26 days between Thanksgiving and Christmas, compared to 32 days in 2018. According to another recent survey by RetailMeNot, the shortened time frame has led 14% to be stressed about completing shopping on time, 28% to make their first holiday purchase sooner, and 34% to start deal-seeking earlier in the season, meaning consumers may be making more purchases before Black Friday/Cyber Monday weekend than they did in 2018.
Like 2018, nearly four in five Americans plan on taking advantage of the sales between Thanksgiving and Cyber Monday. About 45% of Black Friday shoppers will complete the majority of their shopping online this year, which is up almost 50% from the 31% who planned the same in 2018.
RetailMeNot also uncovered some other data regarding how and where consumers will spend during Black Friday/Cyber Monday weekend:
• 71% of shoppers are heading to big-box stores, like Target and Walmart.
• 54% are shopping on E-commerce-focused retailers, like Amazon.
• 50% are going to be shopping in department stores, like Macy’s and Kohl’s.
• 35% plan to shop at online-only retailers, like eBay.
• 27% are heading to clothing-only retailers, like Gap and Loft.
• 75% are looking for clothing & accessories.
• 69% are looking for electronics.
• 83% will be purchasing gifts for their children, spending an average of $44.
• 80% will be purchasing gifts for their significant others, spending an average of $196.
• 49% will buy gifts for their parents, spending an average of $106.
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