Report: Thanksgiving Week Spending to Increase 13%
Consumer holiday spending during the Thanksgiving week is expected to reach new highs as consumers look to make the most of festive deals, according to Deloitte's recently released 2023 Black Friday Cyber Monday Survey. Key findings from the annual survey include:
- Black Friday-Cyber Monday shopping is back. Spending during the Thanksgiving week period is expected to be up 13 percent from last year, with shoppers expected to spend an average of $567 during Black Friday-Cyber Monday shopping events. Year-over-year participation in this time period remains steady with eight in 10 planning to shop that period. In addition, 84 percent of consumers surveyed said they were planning to spend the same or more from what they initially projected in September.
- Online spending grows, but in-store shopping stays significant. Shoppers expect to spend $169 online this Black Friday vs. $121 in 2019. While in-store shopping on Black Friday remains significant, spending is down slightly year-over-year ($138 in 2023 vs. $145 in 2022), but still above 2019 levels.
- Millennials are embracing Black Friday. Millennials will drive the largest share of Thanksgiving week spending, as 43 percent plan to make purchases during this shopping period. This generation of shoppers also intends to increase their average spending by 38 percent year-over-year on gifts for the most important people in their lives — including themselves. Sixty-eight percent of millennials are planning to buy gifts for themselves as part of their holiday shopping.
Total Retail's Take: Retailers are gearing up for what they're hoping will be a fruitful 2023 holiday shopping season. Deloitte's predictions are similar in spirit to other groups, such as The National Retail Federation, which has forecasted that holiday spending is expected to reach record levels during November and December and will grow between 3 percent and 4 percent over 2022 to between $957.3 billion and $966.6 billion. While it appears that the holiday season will be busy and customer appetites for new and trending products will remain high, teams and capacities will be tested to the last minute. Hopefully retailers are ready for the rush.
