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Black Friday Spending To Reach an All-Time High
November 20, 2023
Consumer spending during Black Friday is expected to reach an all-time high, according to a new report.
Deloitte recently completed its 2023 Black Friday-Cyber Monday Survey, where it polled 1,200 consumers between Oct. 19 and Oct. 25. The survey found that consumers are planning to spend an average of $567 during Black Friday and Cyber Monday shopping events, up 13% from last year. Bloomberg also reported that an estimated 182 million people are planning to shop from Thanksgiving Day through Cyber Monday, the most since 2017, according to the National Retail Federation.
The results of Deloitte’s survey revealed that 84% of shoppers feel confident enough to stick with their September budgets. To stay within their spending limits, many consumers plan to do much of their shopping during Black Friday and Cyber Monday.
It also revealed that 72% of shoppers expect higher prices this year. These prices may influence just how much shopping they do overall. However, retailers may implement strategies that include promotional events to get customers to spend more by thinking they are getting a great deal.
Deloitte wrote that “the old retail adage of ‘having the right product, at the right price, at the right time’ may ring true more than ever this year.” But it appears that consumers will be making adjustments to stretch their budgets.
Black Friday discounts have begun earlier than the day after Thanksgiving as companies look to prolong the shopping season. This came after consumer concerns that they didn’t have enough time to buy gifts.
While prices are low, promotions are expected to peak on Black Friday through Cyber Monday. The report also says that consumers plan to buy fewer gifts, spend more on gift cards, and use promotional events to their advantage more than ever before.
Many major retailers will also relax return policies or extend return windows around the holidays. Walmart, which normally has a 90-day return limit, will allow most purchases made from Oct. 1, 2023, to Dec. 31, 2023, to be returned through Jan. 31, 2024. Target won’t begin its 30-day return policy until Dec. 26 for electronics and entertainment items purchased from Oct. 1 to Dec. 24.
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