Economic uncertainties prompted earlier bargain hunting and buying, continuing to pull the holiday season forward. However, Black Friday and Cyber Monday continue to capture a significant share of the shopping budget as inflation drives consumer demand for deals.

Consumers are adjusting to the uncertain environment by shopping earlier and hunting for deals. By the end of October shoppers spent nearly one-quarter (23%) of their holiday budgets.
More than half of consumers (57%) say retailers are discounting the same or more compared to last year, and 87% of shoppers already bought gifts on promotion.
Participation in Black Friday and Cyber Monday is on the rise, up to 64% and 56%, respectively. Black Friday shoppers are expected to spend $205 on average, up from $190 in 2021, while Cyber Monday shoppers are expected to spend $218 on average, up from $175 last year.
BFCM events are becoming more channel agnostic. While Cyber Monday continues to capture a significant share of the online shopping budget, 69% of consumers say retailers offer comparable deals online and in-store during the holiday weekend. For example, the share of online and in-store sales for Black Friday is nearly the same at 16% and 17%, as a result of better price transparency.
While preference for online retailers remains flat at 54%, mass merchants (63%, up from 57% in 2021) and department stores (35%, up from 29% in 2021) regain lost share as consumers seek out traditional BFCM promotions.

Rod Sides, global leader of Deloitte Insights and vice chair, U.S. retail, wholesale and distribution and consumer products notes, "With half of holiday budgets expected to be spent over the Thanksgiving shopping weekend, it's a critical period for retailers. Consumers from every income level are looking to maximize their holiday budgets, therefore seeing value in the promotions set to last throughout the week." Sides continued, "While Black Friday deals have traditionally been in-store, the event is becoming more channel-agnostic, with retailers offering comparable deals both in-store and online. Retailers who can differentiate themselves through return policies, warranties and other perks can entice consumers and result in a successful a holiday season."

Deloitte: Inflation Won't Dampen the Excitement of Black Friday and Cyber Monday

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