This year we have a shorter holiday shopping season with the late Thanksgiving. Combined with a deal-focused consumer, we can expect to see holiday shoppers spend big during Black Friday-Cyber Monday promotions as they seek to close out their holiday shopping lists in a shorter timeframe, said Brian McCarthy, principal at Deloitte in a statement. We continue to see the week evolve as a hybrid event, but online retailers are taking the top spot for the preferred format for the first time among those surveyed.
Deloitte says consumers will spend an average of $650 over the shopping event, a 15% increase over last year. While some retailers, including Amazon, began offering deals in October, consumers weren't swayed. Just 32% of the people Deloitte spoke with said they believed that time period offered the best deals.
BFCM spending will make up more than half of people's holiday budgets, the study found. Nearly half of the consumers Deloitte spoke with said they have experienced higher prices for holiday items this year.
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