Consumers Eager for Holiday Savings Events, Survey Finds
Additionally, 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 greater price transparency, per the report.
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.
"With half of holiday budgets expected to be spent over the Thanksgiving shopping weekend, it's a critical period for retailers,” said Rod Sides, global leader of Deloitte Insights and vice chair, U.S. retail, wholesale and distribution and consumer products, in a news release. “Consumers from every income level are looking to maximize their holiday budgets, therefore seeing value in the promotions set to last throughout the week. 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."