Americans plan to power through inflation this Black Friday & maintain spending levels
With last year’s retail bonanza being one of the biggest shopping days on record seeing over 160 million consumers making purchases (in-store and online), new research finds that Americans are planning to maintain their high spending levels for Black Friday 2023.
- Black Friday’s hold on the American retail calendar highlighted - 42% delay making purchases in the run-up to the event
- 81% use Black Friday as a top strategy to find bargains on items they are gifting to others on Christmas
- Meanwhile, 82% of consumers have already started or plan to start holiday shopping before December, a 60% increase from 2022. Americans also plan to be miserly this holiday season and give fewer gifts than last year
With last year’s retail bonanza being one of the biggest shopping days on record seeing over 160 million consumers making purchases (in-store and online), new research finds that Americans are planning to maintain their high spending levels for Black Friday 2023.
Despite stubborn levels of inflation still existing and uncertainty regarding economic conditions, the US Q4 Shopper Trends Report finds US consumers happy to open their wallets in the hunt for Black Friday bargains.
The report comes from Attest, a leading consumer research platform, which surveyed 2,000 nationally representative US consumers and reveals:
- Average spending will be stable this year: Attest finds that most Americans plan to spend $101-$200 (at 17%) on Black Friday 2023, followed by $201-$300 (16%) while just over one in ten (13%) say they won’t participate in the retail event this year. Overall, there is only a 1-2 percentage point difference in spending levels from Attest’s 2022 data.
- In-store shopping powers back: Precautions regarding in-person shopping due to the pandemic have all but faded in the majority of consumers’ minds. Last year, 35% of Black Friday shoppers said they would shop exclusively online, but the new data finds that figure has declined to just 20%. Meanwhile, two-thirds (66%) say they will shop both online and in-store.
- Clothing trumps technology again: In the past, Attest found that technology products were always the most sought-after purchases during Black Friday. Last year, this trend was bucked, with clothing topping shoppers’ lists for the first time. This year’s data shows that this preference has taken root, with clothing being most in demand with US shoppers (at 54%), followed by technology (49%) and home goods (31%).
- People avoid making purchases ahead of Black Friday: Attest’s data details that 42% of shoppers say they delay making purchases (versus 26% who purchase when they please) in the run-up to the event, revealing that Black Friday creates a reasonably high level of pent-up demand.
Black Friday is also still seen as the best shopping day of the year to bag a bargain (at 67%), with 81% using the day to keep an eye on Christmas gifts for others, while 25% are seeking birthday presents for their friends or family. But shopping plans for the day are far from entirely altruistic, with almost 61% of Americans also wanting to treat themselves.
Beyond Black Friday: Holiday shopping will start earlier this year
Attest also surveyed Americans on how they will approach the busy holiday period and the research finds that:
- Holiday shopping will start earlier this year: Eight in 10 (82%) of us plan to start before December, which is a 60% increase from 2022’s data. The percentage of consumers commencing shopping in October has more than doubled (up from 9% in 2022 to 23% in 2023). However, November is the most popular month, when 43% will begin (up from 31%). Fewer people will be leaving purchasing until the last minute, with just 5% waiting until the second week of December or later (versus 17% in 2022).
- Spending during the holidays will be on ice: Just like Black Friday, holiday spending looks set to remain consistent with last year. The average American will spend around $200-$250 on Christmas presents (18% versus 17% last year).
- Yet, there will be fewer presents to go around: It appears Americans have cut some people off their gifting lists this holiday season. The research finds that while consumers will spend around the same on gifts this Christmas, they’ll buy for fewer people.
- All different gift recipients in Attest’s survey see a decline, with kids bearing the biggest brunt. There is a 16% decrease in people buying gifts for their children from 2022’s data, to stand at 54%, although they remain the largest group to receive presents.
- Meanwhile, parents have slipped in priority below ‘significant others’. Just over 48% of shoppers will buy for a parent, whereas nearly 50% will buy for a partner.
The report US Q4 Shopper Trends Report can be downloaded for free here.