NEW YORK—While holiday shoppers are worried about the overall economy, three in four consumers say they plan to maintain or increase their own Holiday spending, which will average about $948 this year, according to a new study from television and streaming measurement company Samba TV and global research firm HarrisX.
The study also found that Black Friday and Cyber Monday take on new significance this year as people are delaying holiday shopping, making the crucial weeks after Thanksgiving even more important.
One highlight of the Black Friday and holiday shopping data is that millennials have emerged as a crucial consumer group.
About 83% of millennials say they will maintain or increase their holiday spending and they will be the biggest holiday spenders, exceeding any other age group by $600 and more than doubling baby boomers' spending, according to the researchers.
The study found that millennials are planning to spend on average $1,474 versus $626 for boomers. Of millennials planning to spend more than last year, 40% say it’s because they’re in a better financial situation.
The survey found that 54% of people plan to wait until after Thanksgiving to begin their shopping. Millennials are the exception to the rule, however, with less than half waiting until November to begin shopping.
The study also found that 70% of people plan to do holiday shopping on Black Friday this year. Half of U.S. adults plan to do an equal mix of in-store and online shopping this holiday season. Black Friday has younger generations hooked on brick-and-mortar, with 48% of Gen Z planning to in-store shop on retail’s most significant day of the year. About one third (34%) plan to shop in-store on Black Friday this year, while 58% plan to shop online on Cyber Monday.
"Most shoppers are planning to delay their holiday shopping until after Thanksgiving, making Black Friday and Cyber Monday crucial days for brands to capture attention and drive conversions this year,” Ashwin Navin, co-Founder and CEO of Samba TV. “And don’t forget about your deal shopper. With the bulk of this year’s dollars spent planned for purchases for oneself, consumers are using these holiday sales to get in on deals for themselves."
This survey was conducted online within the United States from August 22-30, 2023 among 2,507 adults and 2,171 holiday shoppers in the United States by HarrisX.
