November 14th, 2023, Hoang Nguyen
Tough economic times will undoubtedly play a role on holiday spending this year. As we gear up for Black Friday, will consumers be pinching pockets or allocating their dollars to sales and promotions?
To help businesses keep a pulse on consumer attitudes and behaviors, we asked people who intend to shop on Black Friday about their intended spending during this year’s shopping event compared to previous years.
Three major spending themes—stability, caution and indulgence—dominate consumer behaviors.
- Stability: Among the Black Friday shoppers surveyed, 43% revealed they intend to spend roughly the same amount this year on Black Friday as they have in previous years.
- Caution: Not everyone is prepared to open their wallets with the same fervor. 28% of Black Friday shoppers intend to tighten purse strings this Black Friday and spend less than they usually do.
- Indulgence: 12% of Black Friday shoppers are gearing up to splurge more than before on Black Friday shopping.
It’s clear that people will be navigating the holiday shopping season in different ways this year as they race to purchase gifts and prepare for festive celebrations. The challenge for brands and retailers is to understand these consumer mindsets and find the best ways to engage and win shoppers over before the year’s up.
Methodology
YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences. This study was conducted online between October 16-18th, 2023, with a representative sample of 1,199 adults (aged 18+ years) in the United States, using a questionnaire designed by YouGov. Learn more about YouGov Surveys: Serviced.
Photo: Getty Images