If you’re spending money this weekend, the day you pick could matter
While some of you have been holiday shopping for months, many of us will be pulling out the cards (or cash) in the next few days. But which day is the best one to spend your money?
It looks like only 20 to 30 percent of shoppers will be heading out on Thanksgiving Day to get their holiday spending on, while nearly 80 percent of us will wait until Black Friday to get deals, whether it’s in-store or online, according to Deloitte.
Despite the Christmas creep and a few other shopping holidays close by, Deloitte says Black Friday still reigns supreme as the major shopping holiday of the year. But not by much. In the same survey, 74 percent of respondents say they will hit the internet come Cyber Monday.
“The vast majority of shoppers indicate they’ll head both online and to the stores over the Thanksgiving holiday weekend, and nowadays, they really look at those experiences as one,” says Rod Sides, Deloitte vice chairman for U.S. retail, wholesale and distribution. “Black Friday requires nimble and feature-rich mobile formats while people browse reviews and compare information at the point of purchase. Cyber Monday is purely transactional, where features like prices, free shipping and online return policies move into focus.”
Who is shopping when?
Who is out on Thanksgiving vs. Black Friday vs. Small Saturday vs. Cyber Monday all depends on how old you are. A Vantiv ShopTalk survey shows that millennials will make up the most shoppers on Thanksgiving (34 percent) and Black Friday (51 percent) — both in stores and online.
But that doesn’t mean everyone else is staying home! More than one-third of Gen Xers will venture out on Black Friday, while 23 percent of baby boomers will be with them.
“Younger generations will be driving in-store purchases during peak shopping days this holiday season and merchants need to be prepared to accept these emerging mobile payments options,” says Sayid Shabeer, vice president of merchant product at Vantiv.
But timing on Black Friday isn’t that big of a deal. Even as many brick-and-mortar retailers have “doorbusters” starting at various times throughout Black Friday morning, 20 percent of shoppers will show up between 5 a.m. and 6 a.m. The same number of people will show up after 10 a.m. Only 14 percent of shoppers are venturing out for midnight deals.
But after Black Friday and before Cyber Monday is Small Business Saturday, where shoppers are encouraged to shop locally. While still very new — only in its sixth year — one-third of holiday shoppers plan to “shop small” this year, according to a study from the National Federation of Independent Businesses and American Express.
“Small businesses across the nation are often run by the friends, family and neighbors that we know so well, so supporting them is not only personal but critical to their success,” says NFIB CEO and President Juanita Duggan.
But if you’re shopping on Small Business Saturday, are you looking to get a deal or give a little more back to your local community? If you’re cool with a slightly higher price but the satisfaction of helping the little guy, this holiday is for you, as 63 percent of respondents say they are willing to pay a bit more for a better customer service experience.
Article last modified on February 24, 2017. Published by Debt.com, LLC .