Thanksgiving Survey: Cyber Monday Grabs Spending, Mass Merchants Are Top Physical Destinations
Retailers have plenty to be thankful for this holiday. According to a new study by Deloitte, 71% of Americans plan to head to the stores and online over the Thanksgiving weekend (Thanksgiving through Cyber Monday).
On Thanksgiving Day, 26% of weekend shoppers plan to head to the stores, and slightly more (29%) will shop online. The main reasons people plan to shop in the stores on Thanksgiving is to get a jump on the deals (68%) and because they enjoy shopping with family and friends or it’s become a Thanksgiving ritual (55%).Top shopping destinations for in-store shoppers include mass merchants (45%), department stores (43%), and electronics/office supply stores (33%).
“People have responded to the early promotions that retailers have put in play to outdo the competition -- from early Black Friday deals to free shipping -- but the event still holds its place as a holiday tradition,” said Rod Sides, vice chairman, Deloitte LLP and U.S. retail and distribution leader. “Most people maintain the perception that the best deals are on Black Friday, but it’s also become a day for spending time with family and friends. The same appears to be true for the group of people who have made Thanksgiving Day shopping their family tradition. We see an even bigger draw toward Cyber Monday, which is set to attract shoppers both in-store and online, and capture the most dollars spent over the weekend.”
Sides added, “The signs are in retailers’ favor heading into the weekend, with traffic spread over multiple shopping days and both online and in-store channels. We’re finding that people who plan to start shopping earlier on major shopping days tend to be those who spend more, which should encourage retailers to connect with people early and often with information people want most this time of year: promotions. That can also make a difference with undecided shoppers. This year, 45% or nearly half, of people in the survey told us they remain undecided which retailer they’ll shop over the weekend.”
Results from the survey include the following:
--Holiday shoppers say they’ll spend an average of $420 between Thanksgiving and Cyber Monday, and 88% expect to spend more or the same on the holiday season than they originally intended.
--People expect to shop almost evenly online and in stores – 89% plan to shop in-store and 91% plan to shop online.
--On Black Friday, 70% of respondents plan to shop in the stores, and half (50%) online. Nearly two-thirds (63%) say they plan to take advantage of early Black Friday deals online.
--Nearly three-quarters (73%) plan to shop online Cyber Monday, which is also poised to take nearly half (47%) of all online spending that occurs over the course of the weekend.
-- Overall, 81% of weekend shoppers plan to head online or to stores on Black Friday, but Cyber Monday is gearing up to take the most dollars at an average of $170, higher than all other shopping days.
--Most Black Friday shoppers say they’ll be early birds: Nearly three-quarters (72%) intend to be in the stores before 9 a.m. Those who start earlier also spend more than those who start later.
--The best deals are still on Black Friday, according to most people (56%) shopping over the weekend. The No. 1 reason respondents said they shop in the stores on Black Friday is to take advantage of the deals (82%).
--Shoppers have mapped out their mobile and online backup options to manage the holiday rush: More than half (51%) say they’ll go to another retailer if a site has technical issues; 41% indicate they would buy something online while in-store if they get better pricing; and 27% would check out while using their mobile device in the store to avoid long lines at the register.
--More than three in five (61%) shoppers are likely to visit stores with family and friends during the Thanksgiving period, a trend driven mostly by younger shoppers; that number rises to 76% among Gen Z respondents.
