Toys are seen at a Target store on October 25, 2021 in Houston, Texas.
Brandon Bell | Getty Images
Despite high sales expectations for Black Friday, Small Business Saturday and Cyber Monday, just over half of U.S. consumers do not plan to shop on the most important days for deals during the period. festivals.
Fifty-two percent of Americans said they would not go shopping on Black Friday, Small Business Saturday, or Cyber Monday, while 59% said they were not enthusiastic about the idea to go shopping on one of the three days, according to a CNBC / Momentive Small Business Survey for Small Businesses on Saturday. The survey was conducted by Momentive from November 10 to 12 and included 2,744 respondents.
An estimated 158.3 million people will shop from Thanksgiving to Cyber Monday this year, an increase of 2 million people from 2020, according to the National Retail Federation. However, that would be down 4.2% from the number of people who shopped during this period in 2019.
In the midst of a noticeably different holiday shopping season than in previous years, impacted by pandemic trends and new habits such as curbside pickup, labor shortages and supply chain issues supply, here’s what Americans are saying about how they plan to shop on Black Friday, Small Business Saturday, and Cyber Monday.
Cyber Monday grows like online shopping
Of those who plan to shop on the holiday weekend, 20% say they expect to spend the most money on Cyber Monday, up from 16% in 2019. In comparison, less than people say they will spend the most money on Black Friday. or Small Business Saturday in 2021 compared to 2019.
Forty-six percent of those polled said they generally prefer to shop online, up from 39% in 2019, according to the survey.
“The pandemic could firmly establish a new dynamic that we have been heading for the past few years: Cyber Monday is the new Black Friday, with more people looking for deals online rather than waiting in line in front of a large retailer. surface, ”Laura Wronski, senior director of scientific research at Momentive, wrote in an email.
Online spending is expected to exceed $ 200 billion over the holiday season for the first time this year, according to data from Adobe Analytics, increasing 10% year-over-year to $ 207 billion.
Inflation and supply chain issues
Worries about getting freebies and how much you’ll have to pay to buy them weigh on buyers’ minds.
Seventy-two percent of Americans surveyed said they saw higher prices in the past three months, while 62% said they saw low or out-of-stock stocks. Overall, 43% said they were concerned that supply chain issues could hinder their ability to get what they want during the holiday shopping season.
With more retailers offering vacation deals earlier in the season and emphasizing buying early to avoid shipping or inventory issues, it seems buyers have followed this advice. Sixty-one percent of buyers say they have already started shopping in early November, and 46% said they started earlier this year, according to the NRF. Twenty-eight percent of people even said they finished shopping in early November, according to the NRF.
Generation Z against buying trends
While other age groups have apparently moved away from Black Friday, Gen Z has leaned in.
Forty-one percent of Gen Z respondents to the CNBC / Momentive survey said they were most excited to shop on Black Friday, long before any other generation, according to Wronski, while 34% said they expected to spend the most money on Black. Friday, which surpassed other generations.
“They may have less purchasing power than older adults, but they are the most eager to spend their money,” Wronski said. “Gen Z may be the reason why enthusiasm for in-person shopping has revived after the pandemic.”
Unsurprisingly, younger shoppers are expected to use non-traditional payment methods compared to older generations. Of those aged 18 to 34, 26% said they would use digital or mobile wallets like Paypal, Apple Pay or Venmo, 12% said they would use the ‘buy now, pay later’ options offered by companies like Affirm and Klarna. , and 5% said they would use cryptocurrency. In comparison, among 35-64 year olds, only 18% said they would use digital or mobile wallets, 6% said they would use BNPL services, and 2% said they would use cryptocurrency.