#Black Friday #Deloitte #Cyber Monday

2024 Black Friday-Cyber Monday: A Season for Record-Breaking Spending

As the holiday season approaches, shoppers are gearing up for an exciting Black Friday-Cyber Monday (BFCM) shopping weekend, set for November 28 to December 2, 2024. According to Deloitte's recent survey, consumers predict an unprecedented average expenditure of $650 during this period, marking a 15% increase from last year. This surge reflects a growing appetite for seasonal shopping, particularly among various income demographics and age groups.

Rising Expectations and Shopping Behavior

The BFCM period has shown consistent growth since 2021, and participation remains robust, with 80% of consumers planning to shop during this week. Notably, all income levels, particularly individuals earning less than $50,000 and those exceeding $200,000, indicate they will increase their spending by 22% and 20%, respectively, year-over-year. Furthermore, Gen Z shoppers display a remarkable growth rate in spending, anticipated at 25% compared to earlier periods.

In light of rising prices for holiday items — noted by 45% of those surveyed — and less frequent discounts, there’s a distinct emphasis on maximizing holiday budgets. Shoppers are expected to allocate over half of their holiday budget for the BFCM week, a significant jump from 47% in 2023. This trend underscores the importance of the BFCM week for consumers eager to capitalize on deals.

Financial Strategies to Enhance Spending

An interesting shift in shopping habits has emerged, with over 53% of consumers intending to use credit cards to navigate their holiday purchases. This is a notable increase from 35% in the previous year. Alongside credit cards, 29% of respondents plan to utilize