New research shows that more than a third (35%) of US consumers will increase their spend, with an average spend of $441, as one in five get most of their holiday shopping done on the day
Indianapolis, US, August 23, 2022 — One in five (21%) US consumers will do most of their holiday shopping this Black Friday — with over a third (35%) increasing their spend from 2021 levels. That’s according to a new study of 3,006 shoppers by omnichannel engagement platform Emarsys.
According to the study, the average American consumer is expected to spend $441 over the Black Friday weekend – a 16% increase from $381 in 2021 – the day itself falling the day after Thanksgiving but expanding to a longer period each year, to allow shoppers save money during the holidays.
In contrast, less than a quarter of consumers (24%) plan to decrease their spending this Black Friday. For those that will, rising inflation (61%), the global cost-of-living crisis (56%), and fear of recession (36%) were quoted as the most common reasons for cutting back spending.
As we enter the three-month countdown to the big day, increased spending may come as a surprise given global economic concerns. However, Emarsys’ research indicates that consumers are spending more discerningly to maximize their value-for-money. Seeking the biggest discounts (41%), taking advantage of free returns (37%) and grabbing deals early (28%) are all key tactics for consumers this Black Friday.
This strategic approach extends to the channels that consumers will use to make purchases. While online purchases (62%) naturally lead the way, 47% of consumers also plan to shop in-store — and COVID has become a consideration of the past for many, as only 11% will avoid brick-and-mortar stores due to COVID-19 concerns. All of this suggests that digital and physical retail are increasingly seen as two sides of the same coin, with consumers making the most of the deals by looking in both locations.
“The global pandemic, and associated lockdowns, didn’t just introduce millions of consumers to ecommerce, but also to strategic spending,” commented Sara Richter, CMO, Emarsys. “Shoppers have been forced to navigate tough scenarios with limited funds; financial concerns this year have resulted in a higher level of planning ahead to secure the best deals during the Black Friday sales period.
“This research sends a clear message to brands that they need to prepare for Black Friday earlier than ever this year and build a strategy that cuts through the noise, helping them beat the competition to drive customer growth and revenue. Given the volume of competition this holiday season, personalized marketing tactics are essential. For the best possible Black Friday, brands will understand the behaviors, preferences, and concerns of consumers as individuals, showing an understanding of exactly what, and how, they want to buy.”
To find out how you can master Black Friday, download the Emarsys Power Up Your Black Friday eBook today.