This Thanksgiving Day weekend is expected to be a popular time to make a dent in one’s holiday shopping. From Thanksgiving Day through Cyber Monday, 79 percent of consumers plan to shop for holiday gifts, spending an average of $415 per household, according to a Deloitte survey.
Of the shoppers who plan to shop this Thanksgiving period, 87 percent plan to shop in-store and 94 percent plan to shop online. The survey found that more than 40 percent of all online spending for the Thanksgiving period is expected to occur on Cyber Monday. Additionally, of those consumers who plan to shop online, 72 percent will do so on Cyber Monday.
Online shopping is expected to account for more than half (53 percent) of Thanksgiving period spend ($234). For those who shop in-store during the Thanksgiving period, 36 percent will do so on Cyber Monday.
“Despite retailers getting a jump-start on holiday deals — whether that’s announcing a pre-Black Friday sale or offering free shipping — we’re expecting a solid showing in stores on Black Friday this year. For many groups of friends and family, Black Friday shopping is a tradition that brings them all together. [But] online shopping continues to attract shoppers, both on Black Friday and Cyber Monday. In fact, of the folks we surveyed, more plan on shopping online than in-store during the Thanksgiving period,” said Rod Sides, vice chairman, Deloitte LLP, and U.S. leader, retail, wholesale and distribution.
So where will people be shopping?
Mass-merchant stores (64 percent) and online retailers (54 percent) dominate preferred shopping venues, the survey found. These were followed by traditional department stores (32 percent); electronic and computer stores (31 percent); off-price stores (22 percent); warehouse membership clubs (20 percent); supermarkets and grocery stores (18 percent); home improvement stores (18 percent); specialty clothing stores (18 percent), and dollar stores (16 percent).
Some 48 percent of shoppers surveyed said they plan to shop on Saturday, the day after Black Friday and support local retail businesses.
Almost all the respondents said they planned to spend the same or more when compared to two months ago (91 percent), and one-third (38 percent) plan to spend more.
Deloitte commissioned a national survey of 1,200 consumers to better understand spending for the upcoming holiday shopping days between Thanksgiving and Cyber Monday. The survey was conducted online from Oct. 31 through Nov. 5 by an independent research company.
Overall, 79 percent plan to shop during this Thanksgiving period. Of those who intend to shop in-store, some 26 percent will do so on Thanksgiving Day, and 70 percent will shop on Black Friday. For those individuals who plan to shop online, more than one-third (33 percent) will do so on Thanksgiving Day and 54 percent plan to shop online on Black Friday.
When it comes to Black Friday shopping and spending, younger generations tend to lead the way, turning it into a social event. Eighty-two percent of Gen Z shoppers plan to be in the store on Black Friday, and 60 percent of Millennial shoppers intend to be in stores on Black Friday. Gen X shoppers plan on spending the most during the Thanksgiving period, an average of $452, closely followed by Millennials at $446.
Gen Z expects to spend $335, Baby Boomers, $370, and Silent Generation, $406.
Among the most popular categories during the Thanksgiving period shoppers are clothing (69 percent); electronics and accessories (52 percent); toys and hobbies (51 percent); food and beverage (43 percent); health and beauty (31 percent), and home and kitchen (30 percent).
Of the 38 percent of shoppers who intend to spend more, 80 percent will spend it on gifts; 44 percent on gift cards/gift certificates; 41 percent on entertaining at home; 28 percent on socializing away from home; 24 percent on non-gift clothing for oneself or home, and 23 percent on home and holiday furnishings.
Shoppers intend to get a head start of their in-store shopping on Black Friday and are likely to spend an average of $128 in-store, the survey found. Roughly, two-thirds of them plan to start shopping by 9 a.m. Specifically, 10 percent plan to shop at midnight; 16 percent from 1 to 5 a.m., 13 percent at 6 a.m. and 27 percent from 7 to 9 a.m. Some 21 percent plan to shop from 10 a.m. or later. Seventy-eight percent of shoppers surveyed said the main reason for shopping in-store on Black Friday was to take advantage of the sales or best deals of the season.
Finally, about one-quarter of holiday shoppers (27 percent) plan to gift resale products to mostly their family and friends with the top reasons being saving money, affording a premium brand and being ethical. Seventy-three percent said they wouldn’t give resale products.
Of the various generations, Gen Z is most like to gift resale products (61 percent), followed by Millennials (43 percent), Gen X (25 percent), Baby Boomers (13 percent), and Silent Generation (9 percent). Some 30 percent of consumers said they would be “very/somewhat disappointed,” receiving a resale gift, while 46 percent said they’d be “neither delighted or disappointed,” and some 24 percent said they would be “very/somewhat delighted.”
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