Despite rising prices due to inflation, US consumers stepped out in large numbers to begin their holiday shopping during the Thanksgiving break. It seems that after feasting in enormous Thanksgiving dinners, Americans are itching to get back to the time-honored custom of shopping.
Data from Adobe Analytics, according to Axios, shows that consumers spent about $10 billion on purchasing on Friday alone. Comparing this to previous year’s numbers, there has been a 7.5% increase.
Salesforce data, meanwhile, shows that Black Friday’s online sales increased by 9% on a yearly basis to $16.4 billion.
Customers profiting from notable price drops
According to a Deloitte survey, customers aim to take use of all available offers, with an average spending of $567 during the Black Friday to Cyber Monday (BFCM) shopping activities, which take place from Thursday, Nov. 23 to Monday, Nov. 27. This represents a significant 13% rise over the figures from 2022. The two busiest shopping days are Friday and Monday, as reported by 65% of consumers who said they will shop on Friday and 58% on Cyber Monday.
When asked why they expected to spend more money this year, 51% of buyers stated it was because they planned to purchase more gifts. Fourty-four percent of respondents stated they were adding non-gift clothing to their wardrobes, and forty percent showed it was just because this year’s prices are higher.
According to the Deloitte report, customer involvement in BCFM has increased and is currently equal to levels seen prior to the pandemic.