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The holiday shopping season is on track to be shorter and less promotional this year, and consumers are prioritizing deal days to stretch their budgets.
A new survey from Deloitte found that shoppers expect to spend a record $650 this Black Friday–Cyber Monday, up 15% from 2023. “Nearly half (45%) of consumers surveyed say they have already experienced higher prices for holiday items this season, and almost a third (32%) of respondents say retailers are discounting less,” the survey found.
“This year we have a shorter holiday shopping season with the late Thanksgiving,” Brian McCarthy, principal at Deloitte, wrote in a statement. “Combined with a deal-focused consumer, we can expect to see holiday shoppers spend big during Black Friday–Cyber Monday promotions as they seek to close out their holiday shopping lists in a shorter timeframe.”
While retailers such as Walmart, Target, and Amazon slashed prices or held big promotional events in October, Black Friday weekend appears to have a stronger pull for consumers this year. Just 32% of those surveyed said October offered the best deals, down from 49% in 2023, while 47% said the best deals of the season are dropping on Black Friday.
Shoppers also plan on blowing more of their total holiday budget this weekend than last year, with respondents saying they plan to spend 56% of their budget on Black Friday weekend, up from 47% in 2023.
“Consumers are relying on this week to stretch their dollars,” Stephen Rogers, managing director at Deloitte Insights Consumer Industry Center, wrote. ”Black Friday–Cyber Monday is all about value; this year, all income levels and age groups are looking for deals.”
As the National Retail Federation noted in its own Black Friday forecast, the five-day Thanksgiving weekend remains a major draw for consumers, even as the holiday shopping season keeps getting moved forward.
The trade group predicts a record 183.4 million people will shop this weekend, up from 182 million in 2023.