
Tips to protect yourself from Black Friday and Cyber Monday scams
It's a big day for bargains - and cons. Here's how to shop safely. Read more…
This year Black Friday falls on November 24, 2017. As the biggest shopping day in America, it’s sure to cause a rush with heavy discounts and one-off deals.
In fact, Americans plan to spend $59.57 billion on Black Friday and Cyber Monday purchases this year alone.
An estimated 43.5% of people have purchased something on sale that they later regretted.
The average amount spent per item was $431, totalling to over a whopping $46 billion of regretful discounted purchases in the past year!
Even though women (44.3%) were more likely to purchase items on sale that they later regretted than men (42.7%), men were more likely to spend more per item on their regretful purchases ($526) than women ($343).
Millennials lead the generations in purchasing sale items they later regret. Over one in two Millennials (51.3%), 45.9% of Gen X and 36.0% of Baby Boomers have made sale purchases they regret.
Although when it comes to the amount spent, Millennials appear to be the most conservative generation. Millennials spent an average of $236 per sale item they regret. Baby Boomers spent $413 and Gen X spent $585.
When it comes to household income, generally those with a lower income are less likely to purchase sale items they regret, and when they do, are more likely to spend less per item compared to those with higher income.
Household income | Likelihood of sales purchase regret | Amount spent per purchase |
---|---|---|
$0 to $25,000 | 39.8% | $339 |
$25,000 to $50,000 | 42.1% | $303 |
$50,000 to $75,000 | 47.4% | $326 |
$75,000 to $100,000 | 48.8% | $568 |
$100,000 to $150,000 | 44.8% | $520 |
Our study found that 65.2% of people have purchased an item on sale that they wouldn’t have purchased if it wasn’t on sale. The average amount spent per item was $641.
As with sale regrets, women (68.2%) have a higher likelihood of purchasing items on sale that they wouldn’t have purchased if they weren’t on sale. Men, in comparison, sit at 62.0%.
Women spent an average of $412 on such items and men spent an average of $903.
Once again, Millennials are more likely to purchase an item on sale that they wouldn’t have purchased if it wasn’t on sale, but spend less per item. Three in four Millennials (76.0%), 65.7% of Gen X and 57.5% of Baby Boomers have made such purchases.
Millennials spent an average of $499, Baby Boomers spent $677 and Gen X spent $716 per item.
During the lead up to the big annual mega sales of Black Friday and Cyber Monday, it’s common to hold off spending in anticipation. An estimated 117 million American adults (47.8%) deferred dropping dollars on clothing, electronics, major appliances and furniture while waiting for the release of Black Friday and Cyber Monday deals. Better safe than sorry, right?
Of those hanging out to see the bargains, a one- to two-month wait is the most common (14.7%), followed by a few weeks (13.8%), three to six months (9.8%) and a patient seven to eleven months (3.7%). Some 5.9% of us are willing to wait an entire year!
While 117 million of us are eagerly waiting to see what’s on offer come November 24, an estimate of more than 108 million American adults (44.1%) are confident that they’ll be parting with their cash over Black Friday and Cyber Monday sales this year. But how does that translate by demographic?
A higher proportion of women intend to spend money on Black Friday sales this year (46.5%) compared with men (41.6%).
Gender | Plans to spend money | Doesn’t plan to spend money |
---|---|---|
Women | 46.5% | 53.5% |
Men | 41.6% | 58.4% |
Source: finder.com
Predictably, the younger you are, the more likely you’re going to splurge this Black Friday and Cyber Monday. This year, 61.9% of millennials plan to spend money, followed by 49.5% of Gen Xers and 27.0% of baby boomers.
Of qualifying states, Georgia came in first of those planning to spend (52.9%), followed by Wisconsin (51.2%) and Illinois (50.7%).
Interestingly, those with an annual household income of $50,000 to $75,000 intend to spend the most on upcoming sales compared with any other income bracket, while those earning between $150,000 and $300,000 top the list for least likely to spend.
Not surprisingly, singles plan on treating themselves the most (51.6%), followed by those married or in a domestic partnership (43.9%), those separated (41.2%), divorcees (33.5%) and widows (26.9%).
Marital status | Plans to spend money | Doesn’t plan to spend money |
---|---|---|
Divorced | 66.5% | 33.5% |
Married or domestic partnership | 56.1% | 43.9% |
Separated | 58.8% | 41.2% |
Single, never married | 48.4% | 51.6% |
Widowed | 73.1% | 26.9% |
Source: finder.com
On average, Americans plan to spend $550 each on Black Friday and Cyber Monday sales this year — totaling a whopping $59.57 billion!
Some of the trends we are seeing this season includes starting Black Friday deals as early as November 1st, special promotions online and in-store unique to those customers that like to shop on both venues or just one!, offering gift cards as an incentive to buy some of the hot items of the season to even special store hours on Thanksgiving and Black Friday for those that want to get into the stores, check off that holiday list and walk off that Turkey.
Thanksgiving weekend is officially the half way mark for the holiday shopping season. Consumers see this weekend as a cultural experience and family tradition that will continue for years to come.
Thanksgiving is a time for gratitude AND it signals the start of the holiday gift seeking and giving.
Who doesn’t like a good deal? Anticipation of those deep price cuts and the rush to get there first heightens the excitement and increases the frenzy to GET THE DEAL, NOW! Excitement clouds this reality: even though you are getting great deals, you are still spending money. You are vulnerable to spending more in the excitement of now. Make a list of what you need or want and stick to it. Later, the bills won’t then seem like such a downer!
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