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Shoppers’ Spending Plans for Black Friday and Cyber Monday

Despite increasing financial pressures, holiday shoppers indicate they are intending to spend more money on Black Friday and Cyber Monday sales this year compared to last year. 

This is based on a recent survey conducted by auditing firm Deloitte which reveals that consumers are planning to spend an average of $567 between Black Friday and Cyber Monday this holiday season, representing a 13% increase from what they spent during the four-day shopping event in 2022. 

Check out CBS Essentials for information on the best Black Friday deals:

Consumers have expanded their holiday shopping budgets as retailers have enhanced their sales and deepened discounts in order to attract households impacted by inflation and rising credit card rates.

“Cyber Week is off to a strong start, with Thanksgiving driving a record $5.6 billion in online spend as consumers took advantage of strong discounts and continued their shopping plans, virtually,” said Vivek Pandya, lead analyst, Adobe Digital Insights.

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

Despite the early increase in holiday spending, consumers are feeling financially strained as their savings decrease and their credit card debt rises. Although forecasters anticipate easing inflation to persist, many essential items such as food and rent remain significantly more expensive than they were before the pandemic. 

The cost pressures have made consumers “a lot more cautious about spending,” according to Neil Saunders, a retail analyst at GlobalData Retail, as reported by CBS MoneyWatch. Additionally, many shoppers are also “more receptive to bargains,” increasing the likelihood that they’ll spend during Black Friday, Saunders said. 

Best Black Friday deals in years 

Both the number of Black Friday shoppers and the size of their budgets are growing, as retailers reduce prices to levels not seen in years. This holiday season, toys, games, and hobby gear are expected to see their best bargains since 2020, according to a Reuters analysis of federal labor data. Men’s suits, outerwear, sports coats, women’s dresses, and audio equipment are 8% to 14% cheaper compared with pre-pandemic levels, according to the analysis.

According to Adobe’s estimates, toys will be discounted by an average of 35% this year, compared with 22% a year ago, while electronics prices will be slashed by 30%, compared with 27% over the same period in 2022.


Best Black Friday deals and holiday shopping tips

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More than half of shoppers plan to take full advantage of store bargains during Black Friday and Cyber Monday, with four in 10 consumers planning to complete all of their seasonal shopping during that four-day sales window, according to Deloitte’s survey. Meanwhile, data from the National Retail Federation shows that 182 million people are expected to shop between Thanksgiving Day and Cyber Monday this year, marking the highest turnout of holiday shoppers since 2017. 

Shoppers are allocating more of their funds for virtual holiday shopping, rather than deals at physical stores, as indicated by Deloitte’s survey.  

According to the poll, shoppers plan to spend $169 on online purchases this Black Friday, a 40% increase from $121 in 2019. In comparison, consumers indicate they plan to spend $138 on in-store purchases on Black Friday this year. 

—The Associated Press contributed reporting

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