Americans to Spend Over $85 Billion During Black Friday and Cyber Monday
More than 90% of consumers plan to shop during Black Friday, Cyber Monday, or other major sales events. Total spending is projected to increase by nearly 9% year-over-year, according to Bain & Company.
U.S. consumers are projected to spend over $85 billion in the four-day period between Black Friday and Cyber Monday, an increase of nearly 9% from the previous year, according to a report released by Bain & Company on Wednesday. More than 90% of consumers plan to shop during Black Friday, Cyber Monday, or other major sales events.
While some consumers still queue in stores early on Black Friday for deals, much of that shopping has shifted online in recent years. Bain anticipates Black Friday will likely remain the year's busiest sales day, with Cyber Monday also expected to rank among the top five sales days.
"Black Friday and Cyber Monday are becoming increasingly important battlegrounds for retailers, especially as U.S. consumers prioritize value and deal-heavy shopping days," said Aaron Cheris, global head of retail at Bain, in a statement.
Consumers are also facing inflationary pressures during the shopping period, with annual consumer prices rising 3.7% in September. Bain forecasts that holiday retail sales will exceed $1 trillion for the first time this year, though more than half of consumers plan to alter their holiday spending due to higher prices.