Shoppers plan to treat themselves during Black Friday sales
Why it matters: The all-important holiday shopping season can be make-or-break for retailers and consumers are feeling pressure from inflation.
By the numbers: The survey of 1,771 U.S adults found 71% of shoppers under 50 said they will buy items for themselves or their household compared to 55% of shoppers 50 and older.
- 34% said they will probably stock up on everyday products including cleaning supplies, home improvement items, baby and beauty products during the sales.
- And 13% of holiday shoppers said they plan on "only buying for themselves and their household and not buying any gifts at all."
Zoom out: The younger the shopper, the more likely they were to plan to take advantage of Black Friday and Cyber Monday sales, the survey found.
- Cyber Monday also is poised to be bigger than Black Friday once again with 61% of shoppers reporting they are at least somewhat likely to shop on Cyber Monday compared to 41% on Black Friday.
- 28% of shoppers aged 18-29 said they were definitely or very likely to shop on Black Friday.
- For shoppers 65 and older, just 9% said they were definitely or likely shopping on Black Friday.
The big picture: The National Retail Federation is forecasting U.S. holiday sales will rise 3% to 4% for November through December, below last year's 5.4% growth.
- The NRF's survey found consumers were planning to spend $875 on average on gifts, decorations, food and other key seasonal items, $42 more than last year.
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