Someone who’s good at both math and Googling should tally up how many reports Deloitte consultants crank out in a year, it’s got to be at least 1,000. Today it’s a timely one: Deloitte’s 2023 Black Friday-Cyber Monday Survey.
Key takeaways from the survey of 4,318 consumers:
- Consumers plan to spend an average of $567 during the Black Friday-Cyber Monday (BFCM) shopping events (Thursday, Nov. 23 – Monday, Nov. 27), up 13% from last year.
- Eighty-four percent of shoppers surveyed feel confident in their original budgets from this September and plan to spend the same or more.
- Year-over-year participation in BFCM remains steady with 8 in 10 planning to shop during the week.
- Millennials are expected to drive a significant share of spend during the BFCM period (43%); more than two-thirds (68%) plan to buy gifts for themselves.
Whoever came up with BFCM should immediately contract consultants to come up with a better name for Black Friday-Cyber Monday spending.
Cue the delighted cheers of retailers everywhere.
Fewer people are sitting holiday shopping out compared to the last two years (consumer participation rate of 95% in 2023 versus 92% in 2022 and 88% in 2021) despite the fact that almost three-quarters of people surveyed are expecting higher prices. Income-wise, it’s the $50K–$99K (+26%) and $200K+ (+22%) income groups who will be splurging most this year. Shout out interns.
Self gifts will be driving quite a bit of business as many consumers held off on purchases the past two holiday seasons. 75 percent of all respondents plan to give themselves a little something this year.
Millennials’ share of Black Friday/Cyber Monday spending is a whopping 43 percent which leaves Gen X (23%), Boomers (20%) and Gen Z (13%). Shockingly, millennials are also more likely than other generations to — gasp — leave the house and partake in Black Friday doorbusters. Half of millennials surveyed are likely to go to stores between midnight and 7 a.m. (versus 31% of other shoppers). All that griping about our salaries must have paid off because this year, millennial shoppers intend to increase their average BFCM spending by 38% year-over-year and prioritize self-gifting: 68% plan to buy gifts for themselves during this period. Get that iPad, you deserve it.
Lastly, nearly two-thirds (63%) of shoppers say they could be tempted to make a BFCM purchase while at work, the other 37 percent are liars and probably shopping Amazon at their desk right now.
Deloitte: Black Friday-Cyber Monday Embraced as Consumers Seek Deals to Stretch their Budgets [PR Newswire]
Rule makers concluded this week that “we all could benefit from a few more months to develop these standards, some of which really go to the core issues of many companies,” said Leslie Seidman, chairman of FASB, in a podcast issued Thursday. Sir David Tweedie, chairman of the IASB, said rule makers still intend to finish their convergence work by year’s end. The delay, he said in the podcast, will “enable us to check whether our conclusions will last the test of time. … We would never release a standard before it is ready and ultimately it must be a high-quality standard or you just can’t issue it.” [