Deloitte's Insights on Black Friday-Cyber Monday: Spending Trends for 2025
Deloitte recently unveiled the findings from its 2025 Black Friday-Cyber Monday Survey, shedding light on changing consumer spending habits as retailers gear up for one of the biggest shopping weekends of the year. While shoppers remain enthusiastic about deals, they are also showing signs of caution as financial pressures loom larger than ever.
The survey, which involved 1,200 consumers between October 15 and October 23, reveals that the average expected spending during the Black Friday-Cyber Monday (BFCM) events is projected to be $622—a decrease of 4% from the previous year's average. A slight yet encouraging uptick in participation can be noted, with 82% of those surveyed indicating plans to shop during this festive week, compared to 79% in 2024. Particularly noteworthy is Generation Z, with a staggering 92% planning to join the shopping spree.
Despite some positivity regarding engagement, there are stark signs of spending restraint. Nearly two-thirds of respondents (64%) intend to utilize financing options such as credit cards or buy-now-pay-later services to expand their holiday budgets. The survey indicates that consumers are eager to stretch their dollars this season. Interestingly, shoppers who employ these financing methods are likely to spend an additional 12% compared to those who don't.
Several factors contribute to the anticipated reduction in spending. A significant 69% of participants cited the rising cost of living as a primary reason for cutting back, while 43% mentioned financial constraints. Demographic insights reveal that Gen X and Baby Boomers, in particular, are planning to reduce spending by 9% and 12%, respectively, while Millennials and Gen Z intend to maintain their levels of expenditure.
Economic dynamics showcase that both lower-income households (earning less than $50,000) and those with higher earnings (over $200,000) are expected to reduce their spending by 12% and 18%, respectively. The only income bracket that anticipates a spending increase is the $100,000 to $199,999 group, projecting a 5% rise year-over-year.
Additionally, a sobering 47% of respondents have already experienced price increases on holiday goods, with 34% noting that retailers are offering fewer discounts this year. To navigate these challenges, many shoppers plan to hold out for significant deals, with 60% indicating they've already filled virtual shopping carts in anticipation of BFCM sales. A considerable 38% are targeting items that are 50% off or more, showcasing a strong desire for perceived value.
Black Friday itself remains a pivotal shopping day, particularly for in-store experiences, as 72% of Gen Z participants aim to hit physical stores. Among other shoppers, 49% expressed similar intentions. The primary motivations for this choice include the allure of doorbuster deals (54%) and the social aspects of shopping with loved ones (43%). Conversely, online shopping—especially on Cyber Monday—appeals to consumers looking to evade the chaos of physical stores. About 52% of respondents cite the avoidance of crowded environments as a critical factor for shopping online.
Ultimately, the role of value is set to dominate the shopping landscape this season. As Natalie Martini, Deloitte’s vice chair and U.S. Retail and Consumer Products sector leader, articulates, consumers are keen to discover attractive deals that will assist them in completing their holiday shopping lists. As noted by Brian McCarthy, Retail Strategy Leader at Deloitte Consulting, despite shoppers exercising caution, the spending potential of Gen Z continues on an upward trajectory. Five years ago, this demographic accounted for merely $4 of every $100 spent during the holiday season. Today, they represent about $20, signaling their growing influence in this festive period. As we approach Black Friday and Cyber Monday, retailers will need to harmonize their online and in-store experiences to cater effectively to the demands of today's savvy shoppers.
In summary, the 2025 BFCM period is shaping up to be a strategic balancing act: while consumers are eager to shop, they are increasingly focused on finding ways to maximize their value amidst tightening budgets. Retailers must respond to these evolving dynamics to create compelling, value-driven shopping opportunities for all demographics.
The survey, which involved 1,200 consumers between October 15 and October 23, reveals that the average expected spending during the Black Friday-Cyber Monday (BFCM) events is projected to be $622—a decrease of 4% from the previous year's average. A slight yet encouraging uptick in participation can be noted, with 82% of those surveyed indicating plans to shop during this festive week, compared to 79% in 2024. Particularly noteworthy is Generation Z, with a staggering 92% planning to join the shopping spree.
Despite some positivity regarding engagement, there are stark signs of spending restraint. Nearly two-thirds of respondents (64%) intend to utilize financing options such as credit cards or buy-now-pay-later services to expand their holiday budgets. The survey indicates that consumers are eager to stretch their dollars this season. Interestingly, shoppers who employ these financing methods are likely to spend an additional 12% compared to those who don't.
Several factors contribute to the anticipated reduction in spending. A significant 69% of participants cited the rising cost of living as a primary reason for cutting back, while 43% mentioned financial constraints. Demographic insights reveal that Gen X and Baby Boomers, in particular, are planning to reduce spending by 9% and 12%, respectively, while Millennials and Gen Z intend to maintain their levels of expenditure.
Economic dynamics showcase that both lower-income households (earning less than $50,000) and those with higher earnings (over $200,000) are expected to reduce their spending by 12% and 18%, respectively. The only income bracket that anticipates a spending increase is the $100,000 to $199,999 group, projecting a 5% rise year-over-year.
Additionally, a sobering 47% of respondents have already experienced price increases on holiday goods, with 34% noting that retailers are offering fewer discounts this year. To navigate these challenges, many shoppers plan to hold out for significant deals, with 60% indicating they've already filled virtual shopping carts in anticipation of BFCM sales. A considerable 38% are targeting items that are 50% off or more, showcasing a strong desire for perceived value.
Black Friday itself remains a pivotal shopping day, particularly for in-store experiences, as 72% of Gen Z participants aim to hit physical stores. Among other shoppers, 49% expressed similar intentions. The primary motivations for this choice include the allure of doorbuster deals (54%) and the social aspects of shopping with loved ones (43%). Conversely, online shopping—especially on Cyber Monday—appeals to consumers looking to evade the chaos of physical stores. About 52% of respondents cite the avoidance of crowded environments as a critical factor for shopping online.
Ultimately, the role of value is set to dominate the shopping landscape this season. As Natalie Martini, Deloitte’s vice chair and U.S. Retail and Consumer Products sector leader, articulates, consumers are keen to discover attractive deals that will assist them in completing their holiday shopping lists. As noted by Brian McCarthy, Retail Strategy Leader at Deloitte Consulting, despite shoppers exercising caution, the spending potential of Gen Z continues on an upward trajectory. Five years ago, this demographic accounted for merely $4 of every $100 spent during the holiday season. Today, they represent about $20, signaling their growing influence in this festive period. As we approach Black Friday and Cyber Monday, retailers will need to harmonize their online and in-store experiences to cater effectively to the demands of today's savvy shoppers.
In summary, the 2025 BFCM period is shaping up to be a strategic balancing act: while consumers are eager to shop, they are increasingly focused on finding ways to maximize their value amidst tightening budgets. Retailers must respond to these evolving dynamics to create compelling, value-driven shopping opportunities for all demographics.
Topics Consumer Products & Retail）
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