If you’re spending money this weekend, the day you pick could matter
Updated on: November 20th, 2018
Cyber Monday 2018 is finally among us. 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? In the debate on Cyber Monday vs. Black Friday, many shoppers only see opportunities to save on holiday shopping—they fail to see any difference in terms of actual value gained from either retail holiday over the other.
It looks like only 26 percent of shoppers will be heading out on Thanksgiving Day to get their holiday spending on, while 63 percent of us will take advantage of early Black Friday deals online, according to a Deloitte study.
Despite the Christmas creep and a few other shopping holidays close by; Deloitte says Cyber Monday is on track to take the number one spot in terms money spent over the weekend. Shoppers will spend an average of $170 more than on any other shopping day over the weekend rush.
Just two years ago, Black Friday held the reigns as the major shopping holiday of the year. But not by much. Still, 70 percent of survey respondents will shop either online or in-store to revel in the savings.
“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. Twenty-three 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. Most Black Friday shoppers will do their shopping prior to 9:00 a.m. People who shop earlier than others tend to spend more people who shop later.
Small Business Saturday
Between Black Friday and Cyber Monday is Small Business Saturday, a holiday that encourages consumers to shop locally. While still very new — only in its eighth 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.
Whichever day you choose to shop, manage your holiday spending by making a plan.
Are you still looking for gifts for your family and friends? Take a look at our holiday gift guide to save money while checking everyone off your list.
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Article last modified on November 20, 2018 Published by Debt.com, LLC . Mobile users may also access the AMP Version: Black, Cyber, Or Small? Which Day Will Really Save You the Most Money and Pain? - AMP.