Wary of high prices, consumers plan to spend an average of $650 between Black Friday and Cyber Monday as retailers kick off the holiday shopping season.
Bustling crowds and early morning lines were back as this year’s Black Friday weekend kicked off — a hopeful sign for retailers as they head into the critical holiday shopping season with consumers still grappling with inflation and economic uncertainty. Shoppers plan to spend an average of $650 during the four-day consumer sprint from Black Friday through Cyber Monday, according to a Deloitte survey, up 15% from last year.
High hopes about the economy, an increase in e-commerce activity and significant Black Friday participation among Gen Z and millennials will contribute to record spending this year, said Summer Taylor, a retail managing director at Deloitte. Shoppers will also have a strong focus on value, she said, and many will prioritize saving money over brand loyalty. To prepare, major retailers have lined up discounts and offered early sales in the days leading up to Thanksgiving.
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