It’s that time of year again! Thanksgiving weekend has passed, and the winter holidays are coming up shortly. Not to be overlooked, the bridge between these two holiday seasons is Black Friday and Cyber Monday. Black Friday takes place the day after Thanksgiving, this year on November 29, 2019, and Cyber Monday, the Monday after Thanksgiving, on November 2nd, 2019. These two days are the largest in-store and online shopping days of the year. Consumer spending has been analyzed, and it is expected that Americans will spend a grand total of about $87 billion between Black Friday and Cyber Monday sales. After further analyzing the spending trends of Americans in 2019 compared to years prior, it is seen in the statistics that the holiday cheer to save this year is alive in everyone.
When compared to 2018, 12% more Americans were in search of Black Friday and Cyber Monday deals. Adobe Analytics estimated that sales will exceed $29 billion, or 20% of total revenue for the full holiday season, which is 19% more than last year. Although most would expect that women are the largest contributors to this revenue, 3% more men than women took part in the holiday shopping festivities. This is a considerably small percent, given that most men are only spending $58.26 more than females in total. Overall, it can be concluded that the gender gap in spending on Black Friday and Cyber Monday is minuscule.
In addition, in 2019, Baby Boomers led the other generations in Black Friday and Cyber Monday shopping. 78% of Baby Boomers took part in the two shopping days, planning to spend an average amount of $626.35. This is more than double the amount Millennials spent this holiday season ($252.11). Furthermore, not surprisingly, 90% of Generation X hope to save big on electronics. The same can be said for Milleninals, who are also in search for deals on smartphones and computers. Differently, Baby Boomers, as an entire generation, plan to spend $12.2 billion dollars on travel. This generation is ready to enjoy their holiday vacation! Evidently, it can be concluded that all generations live for the holiday shopping season.
Do you feel regret for spending big on Black Friday and Cyber Monday? You’re not alone! Approximately 52% of people have purchased something on sale that they later regretted. Men, more so than women, are likely to regret a shopping purchase, consistent with the claim that men are spending more this holiday season. Additionally, when analyzing the habits of the different generations, Millennials carry the most regret, with 66% saying they regret a sale purchase.
Since Black Friday and Cyber Monday can be very overwhelming, here is some advice to consider in 2020 to make sure you have no regrets:
- It’s important to have an idea of what you want to buy, and where you want to buy it from.
- Make a list prior to Thanksgiving weekend to organize your thoughts and maximize your time.
- Research which stores offer the best deals and store hours, as many retailers open late on Thanksgiving.
This will hopefully be effective in enabling you and your family to make the most of your Black Friday and Cyber Monday shopping spree!