According to the Data from the National Retail Federation and consumer research firm Prosper Insights & Analytics, 183.4 million people within the U.S. will shop (in-store and online) from Thanksgiving through Cyber Monday. 131.7 million shoppers are expected on Black Friday alone.
But where, how and why do consumers spend their money? Shopify’s 2024 Holiday Retail Survey examined holiday season trends based on responses from 2,000 consumers within the United States and one other 16,000 in Australia, Canada, France, Germany, Italy, Japan, Spain and the United Kingdom
Here are some key details about consumer behavior this holiday season:
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What are the prospects for Black Friday?
In the Shopify survey, young adults (25-34) said they are going to increase their spending on Black Friday: 28% plan to spend more this 12 months and 55% plan to finish their purchase by the top of November.
Of those that don’t shop on Black Friday, 65% said they do nearly all of their holiday shopping between October and December, while 23% start holiday shopping in June.
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What buyers care about
One notable trend was how beneficial “free shipping” was to shoppers. According to the report, the bonus would influence 47% of consumers if it were offered at a much higher rate than if an organization offered “a great customer experience” (31%) or “loyalty programs” (20%).
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27% of respondents said they wait until the large sales before shopping and take the time to check prices at different retailers.
Of the 35-44 age group, 85% said that they had clear brand preferences. Younger shoppers ages 18 to 24 were more influenced by social media recommendations.
The report concluded that conscious shopping is essential: 26% of shoppers plan to buy more sustainably this 12 months. One in five (22%) of respondents said they need to shop from independent brands.
The report found that 60% of consumers take a “hybrid shopping” approach this holiday season, purchasing small items online and bigger items in-store. There has also been a “shift towards discovering products in-store” amongst younger shoppers. Shopping and proposals on social media remained popular – 55% of shoppers surveyed said they were energetic on Instagram and TikTok.
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