Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Black Friday, Cyber Monday Spending Projected to Hit New High

Black Friday ‘early birds’ head to US stores. Shutterstock.
Consumers plan to spend an average of $567 during Black Friday and Cyber Monday shopping events. (Shutterstock)

Consumers plan to spend an average of $567 during Black Friday and Cyber Monday shopping events, up 13 percent from last year, as they seek out the best deals while facing economic pressures such as higher prices and soaring interest rates.

The result is a new record for Deloitte’s annual Black Friday-Cyber Monday survey. About 84 percent of shoppers feel confident enough to stick with the budgets they set in September. In order to stay within their spending limits, many consumers plan to do much of their shopping during Black Friday and Cyber Monday. Four in 10 expect to finish their shopping during the period.

Consumers enjoy the holidays and “manage their budgets to make room for seasonal moments,” said Stephen Rogers, managing director of Deloitte’s Consumer Industry Center.

Many early birds have already gotten discounts, with about 41 percent of respondents saying they shopped for holiday gifts during October promotional events. Those who shopped in October are likely to spend 25 percent less than others during Black Friday and Cyber Monday.

ADVERTISEMENT

Deloitte polled 1,200 consumers between Oct. 19 and Oct. 25.

Deal seekers might pose a challenge to retailers. Target Corp. reported a third-quarter decline in comparable sales driven by lower spending on discretionary categories. And same-store sales at Macy’s Inc. also fell in the most recent period as some consumers shift their spending toward experiences and away from goods.

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, an industry group. Still, the NRF expects slowing US holiday sales growth amid economic headwinds.

By Diana Li

Learn more:

Consumers Want Deeper Discounts. Will Retailers Give In?

Shoppers are still reeling from inflation, even as pricing pressures are easing. Brands may need to offer deeper markdowns to ensure strong holiday sales.

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

Adidas Prepares for Samba Slump

As the German sportswear giant taps surging demand for its Samba and Gazelle sneakers, it’s also taking steps to spread its bets ahead of peak interest.


Op-Ed | The Rise of the Unwasteful Brand

A profitable, multi-trillion dollar fashion industry populated with brands that generate minimal economic and environmental waste is within our reach, argues Lawrence Lenihan.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The State of Fashion 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The State of Fashion 2024