Shoppers told Deloitte that they planned to spend 50% of their holiday budget during the Black Friday-Cyber Monday stretch, compared with 43% last year, said Rod Sides, insights global leader at Deloitte.
As higher prices loom large this holiday season, bargain-focused customers might be more vigilant about getting more of their shopping done on Black Friday, analysts say.
“Everybody wanted to pronounce Black Friday dead over the last four or five years, and now it’s to the point where I think we’re going to see that it has a resurgence,” he said. Price increases will likely mean customers spend more but buy fewer holiday gifts this year. Deloitte predicts that shoppers will spend an average of $500 over Thanksgiving, Black Friday and Cyber Monday, up 12% from last year, according to the survey. On Black Friday alone, the firm said it expected shoppers to spend an average of $205, up from $190 last year.
Either way, those discounts are in part a response to rising costs that have put more discretionary purchases on the back burner and left retailers stuck with clothing, appliances and electronics that fewer people wanted.
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