Consumers in Bargain Mood: New Record High Expected for Black Friday and Cyber Monday

The 2024 shopping season could become a true paradise for bargain hunters. Since July, numerous offers have been attracting consumers, but the real highlights are yet to come with the Black Friday and Cyber Monday weekend. According to Deloitte's "2024 Black Friday-Cyber Monday Survey," these shopping events are projected to have an average spending value of $650 – an impressive 15 percent increase compared to the previous year. Despite the increased spending, participation remains stable: 80 percent of respondents are determined to shop that weekend. Interestingly, spending during the Thanksgiving weekend has accelerated since 2021. Consumers from all age groups and income levels, particularly Gen Z and households with an income under $50,000 and over $200,000, plan to increase their spending. Brian McCarthy, Principal at Deloitte Consulting, explains this trend by the shorter shopping period this year, as Thanksgiving falls late in November. Combined with enthusiastic bargain hunters, Deloitte expects spending during the Black Friday-Cyber Monday promotions to rise sharply to complete Christmas shopping on time. Online retailers also seem to be conquering the top spot as the preferred shopping format for the first time. As McCarthy emphasizes, this underscores the need for a seamless omnichannel experience to attract customers both in-store and online. While consumers are spending more, 45 percent report higher prices for holiday items, and nearly a third note that retailers are offering fewer discounts. Despite these observations, many plan to spend a large portion of their budget during the promotion week.