According to business services firm Deloitte, consumers will spend an average of $500 during the Black Friday to Cyber Monday period in 2022, up 12% from the selling events in 2021.
In search of deals and promotions, shoppers will spend half of their holiday budgets during the Black Friday to Cyber Monday selling events. In all, eight out of 10 holiday shoppers plan to shop during those events versus 71% in 2021, according to Deloitte.
Despite inflation, consumers are spending to help ensure the holiday season is merry, Delottie maintained, sticking to their initial holiday purchasing plans as 81% anticipated spending the same or more money compared to two months ago. In considering the circumstances, 48% of study participants expect to spend more due to higher prices, up from 41% last year. Shopping during the period from Black Friday to Cyber Monday is on the rise and at par with pre-pandemic levels: 80% of consumers plan to shop during the five-day Thanksgiving holiday period, up from 71% in 2021 and 79% in 2019. Younger consumers are driving the charge with 86% of Gen Zers and 89% of Millennials planning to spend during the Thanksgiving weekend period. Lower-income earners, those making less than $50,000 per year, plan to increase their spending the most over the five-day period proportionately, up 19% year-over-year to $320. In comparison, higher-income earners, those making more than $100,000 per year or more, plan to increase their spending by 4% to $650.
As noted, amid higher prices, consumers are increasingly relying on credit to stretch their holiday budgets and sometimes with trepidation. Deloitte indicated that 33% of holiday shoppers worry about making upcoming payments, rising from 26% in holiday 2021. All income groups plan to use credit more this holiday season than last, with the percentage increase greatest among lower earners, 50% versus 27% during the year-earlier Black Friday and Cyber Monday events.