A new Deloitte study reveals that consumers are ready to break the bank this BFCM (Black Friday-Cyber Monday). With a projected spending of $650 per shopper, the holiday shopping season is poised to be a record-breaker. As per Deloitte's data, it is a 15% increase from last year and this shows that consumers have big plans for Black Friday and want to buy a lot of discounted stuff. Even though many people are planning to spend large amounts of money, they are also financially stressed. 53% of the respondents in the survey said that they are going to use credit cards, as compared to 35% in 2023. 29% are also planning to use ‘Buy Now Pay Later” options for buying products.
No matter the financial situation or demographics, consumers are all ready to spend more this year, with Gen-Z being the ones to spend the most. They are raising their budgets and trying to find the best deals out there. In three years, from 2021 to 2024, there was a 13.2% annual growth rate from Black Friday to Cyber Monday. Among Gen-Z shoppers, the growth rate has risen 25% in three years.
Principal of Deloitte Consulting, Brian McCarthy, says that this holiday season is a bit shorter because of late Thanksgiving, so Holiday shoppers are going to spend a lot during Black Friday. Online retailers are being the number one choice for shoppers this year for the very first time, and those retailers are offering deals and promotions to draw customers in.
Another survey from ICSC predicts $125 billion earnings during five days from Thanksgiving to Cyber Monday. Two-thirds of the consumers say that they are going to do all of their holiday during Black Friday Weekend. 57% are going to prefer deals, with 68% researching prices before going shopping.
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| Year | Average Expected BFCM Spend | YoY Change |
|---|---|---|
| 2019 | $415 | |
| 2020 | $401 | -3% |
| 2021 | $448 | +12% |
| 2022 | $500 | +12% |
| 2023 | $567 | +13% |
| 2024 | $650 | +15% |
No matter the financial situation or demographics, consumers are all ready to spend more this year, with Gen-Z being the ones to spend the most. They are raising their budgets and trying to find the best deals out there. In three years, from 2021 to 2024, there was a 13.2% annual growth rate from Black Friday to Cyber Monday. Among Gen-Z shoppers, the growth rate has risen 25% in three years.
Principal of Deloitte Consulting, Brian McCarthy, says that this holiday season is a bit shorter because of late Thanksgiving, so Holiday shoppers are going to spend a lot during Black Friday. Online retailers are being the number one choice for shoppers this year for the very first time, and those retailers are offering deals and promotions to draw customers in.
Another survey from ICSC predicts $125 billion earnings during five days from Thanksgiving to Cyber Monday. Two-thirds of the consumers say that they are going to do all of their holiday during Black Friday Weekend. 57% are going to prefer deals, with 68% researching prices before going shopping.
Read next: Understated Impact: 2025’s Must-Know Graphic Design Trends
