During a season marked with economic changes, Deloitte’s Black Friday-Cyber Monday survey reveals the latest trends in consumer spending. The surge in spending is driven by post-pandemic traditions and digital adaptation.
The survey shows that this period will see a significant boost in consumer expenditure, despite recent inflation surges and a cost-of-living crisis.
Millennials’ Black Friday trends
Stephen Rogers, managing director at Deloitte Insights Consumer Industry Center, says millennials “have taken over as the largest share of Black Friday-Cyber Monday spending.”
Rogers adds: “This year, retailers have an opportunity to better connect with millennials. [They] are also more likely to self-gift; retailers have any opportunity to entice these shoppers to throw a couple of extra gifts in their baskets.”
Millennials are indeed living it large in their self-care era. 68% plan to buy gifts for themselves during this period. Gen Z follows closely behind with 65%. Meanwhile, only 46% of Gen Xers and 32% of baby boomers plan to spoil themselves.
Approximately 45% of millennials’ total spend will be on gifts for themselves. They are also more likely to embrace Black Friday ‘doorbuster traditions’ by going to stores between midnight and 7am.
Online or in-store spending?
COVID-19 has permanently altered shopping habits, and the pandemic-driven surge in online shopping continues to hold on to the gains; 61% of shoppers say they prefer online convenience to in-store visits.
63% admit they could even be tempted to save time by making Black Friday purchases while at work. On the topic of convenience, Brian McCarthy, principal of Deloitte Consulting, says the Black Friday-Cyber Monday period is seen as an omnichannel opportunity in 2023.
He says it could attract “both consumers who have come to embrace online shopping for its convenience, as well as those who are excited to head to stores to capture the best deals without potential delivery fees.
The bigger picture
These ever-changing shopping trends during the Black Friday-Cyber Monday period have far-reaching implications for online stores and shippers. The increase in both online and in-store purchases mean it’s going to be a busy season for logistics providers.
Staying ahead of these trends is crucial for business owners who want to manage the surge in demand while also understanding their customers and ensuring timely deliveries.
The key is embracing the omnichannel opportunities by recognizing the evolving habits of such a diverse consumer base. Says McCarthy: “Retailers who understand shifting consumer preferences could reshape the way shoppers make the most of holiday deals.”
About the author
Cheryl has contributed to various international publications, with a fervor for data and technology. She explores the intersection of emerging tech trends with logistics, focusing on how digital innovations are reshaping industries on a global scale. When she's not dissecting the latest developments in AI-driven innovation and digital solutions, Cheryl can be found gaming, kickboxing, or navigating the novel niches of consumer gadgetry.