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According to a recent report by Deloitte, 31% of US internet users are expected to engage in shopping activities both on Black Friday and Cyber Monday. These two major shopping events, known for their attractive discounts and promotions, continue to draw a substantial portion of the consumer base.
The average shopper is anticipated to spend $1,652 during the holiday season this year. This marks an increase from the previous year’s average spending of $1,455. The uptick in spending reflects consumer confidence and potentially a desire to make up for reduced holiday expenditures in the previous year.
Late November is predicted to be the busiest time for holiday spending, with 78% of active shoppers planning to participate in making purchases during this period. The convergence of Black Friday and Cyber Monday, along with the surrounding days, creates a peak in consumer activity.
Deloitte projects that total holiday sales will reach $1.317 trillion, indicating a 4.5% increase from the previous year. This growth reflects the overall economic recovery and a rebound in consumer spending during the festive season.
As consumers gear up for the holiday season, retailers are preparing for heightened demand and embracing mobile apps. The data suggests a positive outlook for the retail sector, with consumers showing a willingness to spend and engage in holiday shopping festivities.
The global shopping app market is poised for a significant boost too, with a projected 1.7 billion downloads worldwide in Q4 2023.
When it comes to holiday spending plans, Gen Z takes the lead with a 44% boost. The findings highlight that 36% of Gen Z respondents plan to spend more this year, surpassing millennials at 31%, Gen Xers at 21%, and Baby Boomers at 16%.
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