TGT - Consumer Spending To Increase By 13% On Black Friday Holiday Shopping Despite Economic Headwinds: Deloitte Survey | Benzinga
Despite economic pressures, record-breaking spending is anticipated for this year’s Black Friday and Cyber Monday, with an expected average consumer spending of $567, a 13% increase from the previous year.
What Happened: According to a report by Bloomberg, shoppers are undeterred by challenges such as rising prices and increasing interest rates and are ready to scour for the best deals this shopping season. This comes as per Deloitte's annual Black Friday Cyber Monday survey.
Surprisingly, about 84% of shoppers are confident in sticking to their budgets set in September, with many intending to complete a significant portion of their shopping during Black Friday and Cyber Monday. In fact, four out of ten shoppers expect to wrap up their holiday shopping during this period.
“Consumers enjoy the holidays and manage their budgets to make room for seasonal moments,” said Stephen Rogers, managing director of Deloitte's Consumer Industry Center.
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