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With Black Friday and Cyber Monday days away, one prediction calls for consumers to spend an average of $567 in the Thursday through Monday period.
Released by consulting and advisory firm Deloitte, the forecast says that average spend will be 13% higher than in the same period in 2022.
Perhaps in relief from two years of inflation, consumers appear ready to open their wallets this holiday season, Deloitte says. “As consumers tackle their holiday gift lists, some shopping behaviors that accelerated through the pandemic are here to stay, while some new traditions also begin to emerge,” the report says.
Black Friday-Cyber Monday participation is on par with pre-pandemic levels, with 80% of consumers planning to shop during Thanksgiving week.
E-commerce sales should be particularly strong on Black Friday with the typical consumer spending $169 online, compared with $121 in 2019. In-store shopping on that day, while significant, is forecasted at an average of $138, down 4.8% from $145 last year, but above 2019 levels. Consumers also are forecasted to spend more on gift cards during this year’s overall holiday season, at an average amount of $300 compared with $217 in 2022.
Though consumers of all ages will shop this upcoming weekend, Millennial consumers expect to increase their average spending by 38% year-over-year, with 68% planning to buy gifts for themselves.
As for what consumers will shop for, 70% said they will shop for items in the clothing and accessories category, while 53% have electronics and accessories on their lists, as did those looking at toys and hobbies. Deloitte says peak shopping days will be Friday and Monday, with 65% and 58% of shoppers participating, respectively.
