Consumer Behavior

Black Friday spend expected to hit new high

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November 21, 2023

Consumers plan to spend an average of $567 between Black Friday and Cyber Monday, representing a 13% spike over last year's Black Friday spending.

That's a prime findings from a Deloitte report, Deloitte's "2023 Black Friday-Cyber Monday Survey," regarding holiday spending during the Thanksgiving week.

Additional highlights, according to a press release, include:

• 84% of shoppers surveyed feel confident in their original budgets from this September and plan to spend the same or more.
• Year-over-year participation in Black Friday/Cyber Monday remains steady with eight in 10 planning to shop during the week.
• Millennials are expected to drive a significant share of spend during the Black Friday/Cyber Monday period (43%); more than two-thirds (68%) plan to buy gifts for themselves.
• Black Friday/Cyber Monday is back as participation is on par with pre-pandemic levels. Eighty percent of consumers plan to shop during the Thanksgiving week, with an expected spend of $567, up 13% year-over-year.
• Among those expecting to spend more, 51% of respondents say it's because they're buying more gifts, 44% are updating non-gift clothing, and 40% attribute it to higher prices.

"Millennials have taken over as the largest share of Black Friday-Cyber Monday spending. This year, retailers have an opportunity to better connect with millennials, who grew up heading to midnight doorbuster deal events. Millennials are also more likely to self-gift, so retailers have any opportunity to entice these shoppers to throw a couple of extra gifts in their baskets," Stephen Rogers, managing director, Deloitte Insights Consumer Industry Center, Deloitte Services LP, said in the release.