2017 Black Friday Results and Holiday Spending Plans
Black Friday 2017
Black Friday is the most popular in-store shopping day of the year, and this year was no different, with 77 million people breaking down the doors of their local mall after Thanksgiving dinner. Black Friday weekend spending (5 day period from Thursday to Monday) averaged $335.47 per person, with 75% of that going toward gifts. Older Millennials (25-34 years old) led the way in spending at $419.52 per person or approximately 4 servings of avocado toast. Over 64 million people shopped online and in stores, 58 million shopped online only, and 51 million shopped in-store only. The multi-channel consumer outspent single-channel shoppers by $82 more than online-only and $49 more than in-store only.
Top 5 Shopping Destinations
Top 5 Most Popular Gifts
Holiday 2017 Prediction
This year, holiday sales are predicted to rise between 3.6% and 4.0% over 2016, staying roughly on pace with the annual growth rate of 3.87% since 2010. This is in part due to Millennials and older members of Generation Z planning to spend more this year. While 24.3% of total shoppers plan to spend more this year, 46% of Gen Z shoppers and 39% of Millennials plan to increase spending.
Holiday shoppers plan to purchase an average of four gift cards with an average value of $45 per card. The most popular gift card types are restaurant (36%), department store (33%), and Visa/Mastercard/American Express gift card (24%).
Credit cards and debit cards remain the dominant forms of payment, each at 40%, followed by cash (18%) and check (2%). Emerging methods are on the rise, with PayPal controlling 36% of the space, and Apply Pay (7%), Samsung Pay (4%), Google Wallet (4%) and Venmo (3%) following behind.
Another note is that 38% of shoppers surveyed said they plan on donating to charity or causes and 37% say they plan to donate items, including meals to needy families. Of the shoppers who plan on donating, 80% say it will not impact their overall holiday spending.
-Adam Carbeck, Marketing Coordinator
More information on planned holiday spending from the National Retail Federation can be found below, in their annual report.
Source: National Retail Federation