Deloitte: Black Friday-Cyber Monday spending to fall 4% amid financial concerns
Shoppers are expected to rein in their spending over the upcoming holiday weekend.
Consumers plan to spend an average of $622 during the Black Friday-Cyber Monday shopping stretch (Nov. 27-Dec. 1), down 4% from last year, according to new survey data from Deloitte. However, year-over-year participation in Black Friday-Cyber Monday shopping is up slightly, with 82% of respondents planning to shop during the week.
Among surveyed shoppers planning to spend less, the primary drivers are the higher cost of living (69%) and financial constraints (43%). Gen Z and millennial shoppers surveyed by Deloitte said they plan to keep their spending flat, while Gen X and baby boomers plan to reduce their spending by 9% and 12% respectively, compared to 2024 levels.
More than half (56%) of Gen Z respondents say they plan to cut back on other expenses to spend during the holiday weekend, versus 41% of others.
Consumers making less than $50,000 and those making $200,000 or more plan to spend 12% and 18% less, respectively, year over year over the four-day period. Only those making between $100,000 and $199,000 per year say they plan to spend more, an increase of 5% year over year.'
Higher prices
Deloitte also found that nearly half (47%) of respondents say they have already experienced higher prices for holiday items this season, and more than one-third (34%) say retailers are discounting less. A majority (60%) of consumers have already put items in their carts to purchase during the Black Friday-Cyber Monday, while 42% plan to use cashback websites to maximize deals, and 38% say they plan to only purchase items that are at least 50% off.
"This season, consumers are eager to find the best deals to wrap up their holiday shopping,” said Natalie Martini, vice chair and U.S. retail and consumer products sector leader at Deloitte. “They have made their gift lists and are checking Black Friday-Cyber Monday promotions to stretch their budgets. While we expect shoppers to plan to pull back on spending, we also anticipate strong participation throughout the holiday week, with many planning to blend the convenience of online shopping with the energy of the in-store experience. This highlights the importance for retailers to deliver a smooth, connected experience no matter where people choose to spend their holiday dollars."
[READ MORE: Salesforce: Cyber Week will break records with $334B in online sales]
Additional insights from Deloitte’s survey include the following:
- The top reasons consumers plan to shop in-store on Black Friday are to take advantage of doorbuster deals (54%), because the best in-store deals are on that day (52%), and because they enjoy shopping with friends and family (43%).
- Two-thirds (68%) of respondents plan to shop at online-only retailers over the Black Friday-Cyber Monday period. Consumers’ top reasons to shop online on Cyber Monday are to avoid crowded retail stores (52%), save time and effort (50%), and to capture the best tech deals of the season (48%).
- The most common purchases are expected to be clothing and accessories (76%), electronics and accessories (56%), toys and hobbies (52%), and gift cards (51%).
"Value continues to be the centerpiece of the holiday season, and Black Friday-Cyber Monday promotions are an easy way for shoppers to capture those deals,” said Brian McCarthy, principal and retail strategy leader at Deloitte. “While most shoppers are showing restraint this season, the spending power of Gen Z is growing – they are responsible for about $20 of every $100 holiday dollar spent, compared to just $4 five years ago. And we expect they are headed back to the stores on Black Friday to take part in the excitement of the day."
Deloitte's "2025 Black Friday-Cyber Monday Survey" is based on a survey of 1,200 consumers fielded between Oct. 15 and Oct. 23.
