Amazon Prime Day tried to nudge holiday shopping to an earlier start, but consumers have their sights set on Black Friday weekend deals. Pandemic life might alter our sense of time, but not our sense of tradition to shop for gifts after Thanksgiving.
More than half of shoppers (59%) won’t even start their holiday shopping until later in November or December, with most (67%) waiting until Black Friday week or the week after to finish. For those shopping on Black Friday week, 36% will do the bulk of their shopping on Black Friday. Savvy retailers will engage with customers during this timeframe.
A good deal’s allure transcends demographics. It’s why Black Friday shoppers span income groups.
So what can retailers expect? Young (38 and younger) and digitally- savvy shoppers. Millennials and Gen Z make up just over half (51%) of Black Friday crowds. They plan to shop predominantly online (38%), but a quarter of them will hit up stores online and in-person.
Suburbanites and small-town shoppers make up just over three-quarters (76%) of Black Friday bargain hunters, while 42% of shoppers will hail from the South.
Expect an increase in online shopping, as shoppers adhere to safety measures due to COVID-19.
More than a third (37%) of shoppers plan to do all their shopping online (up from 30% in prior years), particularly those ages 39 and over. The 30% who plan to shop both online and in-store are predominantly Gen Z (39%) and millennials (36%).
Only 18% of consumers plan to shop in-store only (down from 22% last year), and nearly a quarter (23%) of them are Gen Z (24 and younger). Only 6% of consumers don’t plan to shop at all.
Digital ads are significantly more likely to influence younger shoppers (38 and younger), but the power of TV still remains.
TV ads influence the buying decisions of 57% of consumers, particularly millennials (69%) and Gen Z (64%). But at 56%, online ads are becoming impressively influential for millennials (81%) and Gen Z (75%).
Private Consulting Solutions Leader, Chicago, PwC US
Consumer Markets, PwC US
Consumer Markets, Senior Analyst, PwC US