According to data from the National Retail Federation and consumer research firm Prosper Insights & Analytics, 183.4 million people in the US will shop (in-store and online) from Thanksgiving through Cyber Monday. While Black Friday alone is expected to have 131.7 million shoppers.
But where, how and why do consumers spend their money? Shopify's 2024 holiday retail survey examined trends for the holiday season by looking at responses from 2,000 consumers in the US and another 16,000 in Australia, Canada, France, Germany, Italy, Japan, Spain and the UK.
Here are some key details about consumer behavior this holiday season:
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What is the outlook for Black Friday?
In the Shopify survey, young adults (25-34) reported that they will increase their Black Friday spending, with 28% planning to spend more this year and 55% aiming to complete their purchases by the end of November.
For those who don't shop on Black Friday, 65% reported doing most of their holiday shopping between October and December, while 23% were found to start their holiday shopping in June.
What buyers care about
One notable trend involved the value of “free shipping” to shoppers. The benefit would influence 47% of consumers if offered, according to the report, much higher than when a company offers “an excellent customer experience” (31%) or “loyalty scheme” (20%).
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27% of people surveyed said they will wait for the big sales to start shopping and spend time comparing prices at different retailers.
Of the 35 to 44 age group, 85% reported having clear brand preferences. Younger shoppers aged 18 to 24 were most influenced by social media recommendations.
The report found that conscious shopping was important with 26% of shoppers planning to make more sustainable purchases this year. One in five (22%) respondents said they were looking to buy from independent brands.
The report found that 60% of consumers take a “hybrid shopping” approach to the holidays, purchasing small items online and larger items in store. There was also a “shift towards in-store product discovery” among younger shoppers. Shopping and recommendations on social media were still popular – 55% of shoppers surveyed reported being active on Instagram and TikTok.