More than 7 in 10 (71 percent) of consumers plan to shop the mega deals retailers are offering during the upcoming Thanksgiving weekend, according to a new study by Deloitte.
Divvying up their time between the web and brick-and-mortar outposts, shoppers anticipate shelling out $420 between Thanksgiving and Cyber Monday, Deloitte’s survey of 1,200 respondents found.
Although they’re pretty evenly split on their choice of shopping destinations — 91 percent will go online and 89 percent will hit stores — shoppers won’t be so equitable with their cash. Cyber Monday — known for its electronic and tech-focused buys — is set to nab most of consumers’ dollars at an average of $170, higher than all other shopping days.
Nevertheless, the ever-popular Black Friday has managed to maintain its appeal: 56 percent of those shopping this weekend believe the best deals are still on that day. Similarly, another study out today, by Bospar, also found that more than half (53 percent) of Americans still feel the mega shopping event is the best time to get deals on gifts.
On this coming Black Friday, Deloitte found 70 percent of respondents plan to shop in stores, and half (50 percent) will go online. And most of those shoppers will be early birds: 72 percent intend to be in the stores before 9 a.m.
That’s good news for retailers since those who start earlier tend to spend more than shoppers who start later.
Another Deloitte study last month found that 60 percent of consumers planned to start their shopping before Thanksgiving, and that this group will spend 28 percent, or $370 more than those holding out until the eleventh hour.
With consumer confidence hitting an 18-year high in October — buoyed by record low unemployment rates and fairly stable gas prices — experts have widely forecasted that 2018 will bring a strong holiday season for retailers.
This Is What Most Americans Are Shopping for on Black Friday
5 Big Predictions for Black Friday and the 2018 Holiday Shopping Season
If You’re Looking for Sneaker Deals, Don’t Shop on Black Friday