According to the data from the National Retail Federation and consumer research firm Prosper Insights & Analytics, 183.4 million people in the U.S. will shop (in-store and online) from Thanksgiving through Cyber Monday. Meanwhile, Black Friday alone is expected to see 131.7 million shoppers.
But where, how, and why are consumers spending their cash? Shopify’s 2024 holiday retail survey examined trends for the holiday season by looking at responses from 2,000 consumers in the U.S. and another 16,000 in Australia, Canada, France, Germany, Italy, Japan, Spain, and the U.K.
Here are some key details about consumer behavior this holiday season:
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What Is the Outlook for Black Friday?
In the Shopify survey, young adults (25-34) reported that they will be increasing their Black Friday spending, with 28% planning to spend more this year and 55% aiming to finish their shopping by the end of November.
For those who aren’t shopping on Black Friday, 65% reported doing most of their holiday shopping between October to December, while 23% percent were found to start shopping for the holidays in June.
What Shoppers Care About
A notable trend included how valuable “free shipping” was to shoppers. The perk would influence 47% of consumers if offered, according to the report, much higher than when a company provides “a great customer experience” (31%) or “loyalty schemes” (20%).
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27% of people surveyed said they will wait for the big sales to start shopping, and spend time comparing prices at different retailers.
Of the 35 to 44 age group, 85% reported having clear brand preferences. Younger shoppers ages 18 to 24 were more influenced by recommendations on social media.
The report found that conscious shopping was important with 26% of shoppers planning to shop more sustainably this year. One in five (22%) surveyed said they were looking to buy from independent brands.
The report found that 60% of consumers use a “hybrid shopping” approach to the holidays, buying small items online and larger ones in-store. There was also a “shift towards in-store product discovery” among younger shoppers. Shopping and recommendations on social media were still popular—55% of shoppers surveyed reported being active on Instagram and TikTok.