Do shoppers still care about Black Friday and Cyber Monday?
A just-released survey details consumers' holiday shopping plans — and how they plan to save money.
Forty-two percent of surveyed U.S, consumers plan to save money with Black Friday and Cyber Monday sales, marking a 35% increase from 2022, according to results from the new LTK Holiday Shopper Study,However, 62% of respondents who follow lifestyle creators on the LTK curated shopping platform plan to shop Black Friday and Cyber Monday sales.
Holiday shoppers will start earlier
Survey results also indicate that 38% of respondents to start holiday shopping in September, a 25% increase from 2022. This percentage rises to 45% of respondents who follow LTK creators.
[Read more: How early is holiday shopping starting this year?]
Consumer spending plans
A majority of respondents, including close to 80% of surveyed consumers and 86% of respondents who follow LTK creators plan to spend more or the same on holiday shopping this year across gifts for others, home decor and self-gifting compared to last year.
Creators inspire holiday purchases
The survey also suggests that creators are a trusted source of holiday shopping inspiration among Gen Z and millennial respondents. Within the past year, there has been a 32% increase in millennial respondents choosing creators as their primary source of purchase advice for the holidays.
A majority of respondents make purchases from creators, including 73% of Gen Z, 69% of millennials and 57% of the general population. LTK found that nine in 10 respondents who rely on creators using its platform for holiday inspiration have purchased a gift based on their recommendations.
What items top holiday gift lists?
For 2023, entertainment-focused gifts like music, books and games are the top picks among the general population, as well as Gen Z and millennial respondents. Fashion items are the preferred gift to give among the general population and millennials, while Gen Z respondents lean towards giving beauty products.
When it comes to self-gifting, beauty products take the number one spot across the board.
The reported data is from a survey conducted in June 2023 among 1,136 participants, reflective of the U.S. population with 97% confidence.