Survey finds popularity of Black Friday/Cyber Monday shopping weekend on rise

Ann Arbor, Mich. -- Shoppers are planning to spend less money and purchase gifts for fewer people this holiday season compared to last year, while also maximizing their budgets through Black Friday and Cyber Monday sales and online cost comparison, according to the CFI Group 2014 Holiday Retail Spending Report: Black Friday is Back.



According to the report, which surveyed 1,000 U.S. consumers, 20% of consumers plan to spend more than $700 on holiday shopping this year, down from 22% last year. In terms of how many people they will buy for, 44% plan to buy gifts for more than seven people, down from 49% last year.



As shoppers are working with smaller budgets, the report finds the popularity of the Black Friday/Cyber Monday shopping weekend is on the rise. According to the report, 28% of consumers said they're planning on spending more than 50% of their total holiday shopping budgets Nov. 28 – Dec. 1. The number is a significant 27% increase from last year's report, highlighting a resurgence in the popularity of the shopping holiday.



"Budgets are thin this year, and that continues to affect the way people shop," said Sheri Petras, CEO of CFI Group. "Retailers need to offer competitive pricing in order to be successful this season, especially surrounding the Black Friday shopping period."



In addition to taking advantage of Black Friday promotions and sales, digital shopping also will be on the rise this holiday season, as consumers plan to take to their devices in search of the best deals. This year, 51% consumers plan to spend more than 40% of their shopping budgets online. That number is an increase from the 45% of consumers last year who planned to spend more than 40% of their shopping budgets online.



Accessing the Internet while shopping is predominately for price comparison, according to 66% of respondents. That price comparison leads to online sales, with 65% of consumers planning to use the Internet to make transactions.



"Consumers expect both competitive prices and convenience," Petras said. "With the prevalence of omnichannel shopping, retailers should provide multiple shopping channels for their customers through a combination of a positive in-store experience and consistent and simple mobile and online channels."



• For the second year in a row, more than a quarter of consumers said they'll begin their holiday shopping earlier this year than last year, with 26% reporting to do so in 2014; 40% report they will start their shopping before November.



• Younger generations are more likely to take advantage of Black Friday shopping with 40% of 25-to-34 year-olds planning to take part in the sales, compared with 23 percent of 55-to-65 year-olds.



• Women report higher budgets than men this year, with 30% reporting they plan to spend more this year, compared with 24% of men.



To download the full 2014 Holiday Retail Spending Report: Black Friday is Back report, click here.