Customers predict they'll spend an average of $420 between Thanksgiving and Cyber Monday, according to Deloitte.
The majority of holiday shoppers (71%) plan to take advantage of holiday sales this weekend, according to a Monday Deloitte survey. Between Thanksgiving Thursday, Black Friday, and Cyber Monday, customers said they are likely to spend an average of $420, the survey found.
The report surveyed 1,200 US adults to determine holiday shopping trends and practices. According to the survey, the amount of people shopping online and in stores is almost even, with 89% planning to shop in store and 91% planning to shop online.
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Black Friday will bring an influx of consumers into stores, as some 70% of respondents plan to enter physical stores for deals. Nearly three-quarters (72%) of respondents said they will be waiting at stores before 9 a.m. on Friday, with mass merchants (45%), department stores (43%), and electronics/office supply stores (33%) being the top in-store destinations, according to the survey.
"Most people maintain the perception that the best deals are on Black Friday, but it's also become a day for spending time with family and friends. The same appears to be true for the group of people who have made Thanksgiving Day shopping their family tradition," Rod Sides, Deloitte vice chairman and distribution leader, said in a press release. "We see an even bigger draw toward Cyber Monday, which is set to attract shoppers both in-store and online, and capture the most dollars spent over the weekend."
Cyber Monday is expected to rake in an average of $170 a person, which is higher than all other shopping days, the survey found. Additionally, 41% of respondents said they would buy something online while in stores if they were offered better pricing, demonstrating the rise of omnichannel shopping.
Businesses should take note of the large number of consumers planning to flood online and physical stores, as this influx could either go out with a bang or a bust. Companies need to prepare adequate inventory and staff for the events, as well as ensure that websites are functioning properly, as this coming weekend is a huge opportunity for major profits.
The big takeaways for tech leaders:
- 71% of customers will be shopping Black Friday, Thanksgiving Thursday, and Cyber Monday deals this year. — Deloitte, 2018
- Cyber Monday will bring in an average of $170 a person, taking the most dollars than any other shopping days. — Deloitte, 2018
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- Best Black Friday 2018 deals: Business Bargain Hunter's top picks (ZDNet)
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- Cyber Monday poised to break online sales record (ZDNet)
- Cyber Monday shoppers will overlook past cybersecurity breaches for a good deal (TechRepublic)