Young Shoppers Lead the Black Friday Charge

Gen Z is taking the lead in Black Friday shopping, while older generations prefer to wait until closer to Christmas. This trend is highlighted in a recent survey, which shows that 40% of Gen Z and 32% of millennials plan to do most of their holiday shopping on Black Friday. The allure of Black Friday for younger shoppers is likely due to the exciting deals and social media hype. Interestingly, despite their enthusiasm for Black Friday, Gen Z plans to spend less this holiday season. A report from PwC indicates that Gen Z shoppers intend to spend 23% less on average compared to last year. This is the biggest drop among all generations and a significant shift from the previous year when Gen Z planned to spend 37% more. The economic landscape is playing a big role in shopping behaviors. With higher prices and financial uncertainty, many Americans are being more careful with their money. A Deloitte survey found that overall, consumers plan to spend 4% less on Black Friday than last year. This cautious approach is leading to a "K-shaped" economy, where wealthier consumers are spending more, while lower-income consumers are cutting back. Despite the financial constraints, shoppers are being more intentional and value-driven. There's a growing trend of supporting small businesses. According to the survey, 77% of consumers would prefer to shop at small businesses if the prices were the same. This support for local businesses has increased by 8 percentage points compared to last year. When it comes to finding gift ideas, in-person shopping is still popular. The survey found that 72% of people get their gift ideas from physical stores rather than social media. Even with the rise of artificial intelligence, more than half of the shoppers prefer traditional online search methods for their holiday shopping. Only 9% are likely to use AI for finding gifts. The future of shopping might see a shift towards AI, but for now, traditional methods are still king. As AI continues to grow, it may become more integrated into shopping habits. However, for this holiday season, shoppers are sticking to what they know and trust.