The holiday spirit is in the air, and that means it’s time for Black Friday shopping madness. The crowds are bustling, and the lines are forming early as retailers gear up for a weekend of deals and steals. Despite economic challenges and inflationary pressures, consumers are ready to splurge, with the average shopper planning to spend $650 during this consumer frenzy ranging from Black Friday through Cyber Monday.
Here’s what you can expect during this exciting weekend of shopping:
- Consumers are Eager: Eight out of 10 people are ready to hit the stores or browse online for the best deals during the holiday shopping season.
- Spending Trends: According to the Deloitte survey, all income groups are projected to spend more this year, with the highest and lowest brackets increasing their spending the most. Millennials are leading the charge, ready to shell out an average of $750, while baby boomers plan to spend about $485.
- Online vs. In-person: While consumers plan to split their spending evenly between in-person and online purchases, online shopping is on the rise, with a potential 15% increase in online spending this year.
- Holiday Projections: The National Retail Federation expects a 3.5% increase in holiday sales this year, with up to $989 billion in total sales. Although growth might be slower compared to previous years, optimism remains high.
Retailers are pulling out all the stops to attract consumers with discounts and early sales, aiming to satisfy value-seeking shoppers who prioritize savings over brand loyalty. This push for sales will also fuel the economy, spurring consumer spending in the months to come.
As you hit the stores or surf online for deals this Black Friday weekend, remember to look for the best discounts, prioritize your budget, and enjoy the festive shopping experience. Whether you’re a seasoned Black Friday shopper or a bargain-hunting novice, this year’s deals are sure to delight. Happy shopping!
