Deloitte: Black Friday-Cyber Monday spending will rise 13%

New data indicates retailers will have a lot to be thankful for during the upcoming Black Friday-Cyber Monday shopping events.

Respondents plan to spend an average of $567 during the Black Friday-Cyber Monday period (Thursday, Nov. 23 – Monday, Nov. 27), according to a consumer survey conducted by Deloitte,  up 13% from the same timeframe in 2022, when sales rose 12% from  2021 levels.

Year-over-year participation in Black Friday-Cyber Monday shopping remains steady with four in five respondents planning to shop during the period. In addition, 84% of respondents feel confident in their original holiday budgets from September 2023 and plan to spend the same or more.

Much of that spending is planned to take place during the upcoming holiday weekend, with four in 10 respondents planning to complete all their holiday shopping during that timeframe. Among those respondents expecting to spend more, 51% say it’s because they’re buying more gifts, 44% are updating non-gift clothing, and 40% attribute it to higher prices (more than one response accepted). 

Looking at Black Friday (Nov. 24) in particular, respondents expect to spend $169 online versus $121 in 2019 (+9% CAGR). While in-store shopping on Black Friday remains significant, planned spending is down slightly year-over-year ($138 in 2023 vs. $145 in 2022), but still above 2019 levels. More than half of respondents said doorbusters are less appealing (58%) or are hoping to avoid crowds (55%).

 Other notable findings include:

• On average, 61% of respondents’ total Black Friday weekend spending will occur online.
• Millennials are expected to drive a significant share of spend during the  period (43%); more than two-thirds (68%) plan to buy gifts for themselves.
• Close to six in 10 (57%) respondents plan to take advantage of as many deals as possible during the period. 
• Peak days during the five-day shopping period will be Black Friday and Cyber Monday, with 65% and 58% of respodnents participating, respectively.
• Four in 10 respondents took advantage of October holiday promotions.
• Respondents plan to focus on categories where they expect the best deals, including clothing and accessories (70%), electronics and accessories (53%), and toys and hobbies (53%). Less-discounted categories like gift cards (29%) and food and beverage (27%) are expected to see fewer purchases during the Black Friday holiday weekend.

“As consumers tackle their gift lists, we see Black Friday-Cyber Monday as an omnichannel opportunity this year — to attract both consumers who have come to embrace online shopping for its convenience, as well as those who are excited to head to stores to capture the best deals without potential delivery fees,” said Brian McCarthy, principal, Deloitte Consulting LLP. “Retailers who understand shifting consumer preferences could reshape the way shoppers make the most of holiday deals.” 

Deloitte’s “2023 Black Friday-Cyber Monday Survey” is based on a survey of 1,200 consumers fielded between Oct. 19-25, 2023.