Black Friday 2018 is expected to be bigger than ever, with 74% of Americans planning to open their wallets on either Black Friday and Cyber Monday, according to the latest research from finder.com.
The average adult is expected to drop $483.18 on the shopping holiday of holidays, which equates to $90.14 billion — up $30.57 billion from 2017’s projected spend of $59.57 billion.
Men hunting for a deal
While stereotypes might have you thinking that women are more likely than men to shop ’til they drop, slightly more men say they’ll brave the crowds to hunt for deals this year. Some 77% of men say they plan to shop over Black Friday and Cyber Monday, versus 71% of women.
Despite the mere 6% difference between the genders, men are expected to spend nearly double that of women, budgeting an average $626.44 compared with $342.50 for women.
Gen X is livin’ large
Of the generations, Gen X plans to spend $592.83 on Black Friday and Cyber Monday. That’s higher than the average $560.17 those in Gen Y says they’ll spend in 2018 and more than double the $247.92 reported by baby boomers.
Gen X may plan to spend big on Black Friday and Cyber Monday, but more members of Gen Y say they’ll open their wallets over the retail holiday. Roughly 87% of Gen Y says they’ll buy something on Black Friday or Cyber Monday, versus 79% of Gen Xers and only 55% of boomers who say the same.
Couples plan to spend more
At 78%, those who are married or in a domestic partnership are more likely than other relationship statuses to spend this Black Friday. This year, couples say they plan to spend an average $535.81.
Those who’ve never married are the next group most likely to splurge, with 73% saying they expect to spend an average $468.40, followed by those who are separated, of whom 71% expect to spend an average $406.05. Rounding out relationships are the 61% of divorcees who expect to spend $334.23 and 50% of widows who expect to spend $182.65.
It pays to be an only child
When it comes to families, 84% of parents with one child say they plan to spend $647.37 over the extended retail holiday. It’s not the highest amount people are planning to spend — that mantle is held by those with three kids at $696.85 — but it could mean there’s more money to go around with fewer siblings taking your share.
Paying the rent means less money for shopping
How much you’ll dole out over Black Friday and Cyber Monday may come down to whether you rent or own. About 71% of renters say they plan to spend an average $275.32. Compare that with the 73% of homeowners who plan to spend an average $556.69 this retail holiday.
Perhaps not surprisingly, 83% of those who still live with family say they’ll drop close to double the amount that renters plan to spend — a high $611.94.
Work hard, spend hard
People with full-time jobs say they’re all in on Black Friday 2018, with 85% expecting to spend an average $734.05 on the big sales. Students are just as likely to take advantage of Black Friday sales as those with full-time jobs (85%), but they’ll spend about 60% less — or an average $296.50.
Wisconsin to spend a lot of cheddar
It sounds like those in and around the Great Lakes might have the deepest reservoirs of cash, with Wisconsinites saying they plan to milk Black Friday sales for all they’re worth at an average $1,392.60 each. The folks from America’s Dairyland are followed by Texans ($1,171.91) and New Yorkers ($878.71).
While those from Wisconsin are expected to spend the most on average, it’s New Yorkers who top the list of those who plan to shop the sales, with 85% saying they’ll buying something, followed by Illinois (83%) and California (80%).
Do you regret your shopping spree? You’re not alone!
An estimated 52% of people have purchased something on sale that they later regretted.
The average amount spent per item was $1,006.94, totaling a whopping $132.7 billion in remorseful discounted purchases in just the past year.
Men (58%) are more likely women (48%) to regret a shopping purchase. On average, women regret purchases of about $287.24, while for men, the amount is a staggering $1,589.16.
Of the generations, baby boomers regret the highest amount of purchases — an average $2,181.37. Compared that to Gen Y’s $713.50 and Gen X’s $693.58 in regretted purchases.
Almost 1 in 3 Gen Yers — or 64% — have purchased something they later regretted, compared with 54% of Gen Xers and 37% of boomers.
When it comes to household income, those with lower incomes tend to be less likely to purchase sale items they regret. And when they do, they are more likely to spend less per item compared to those with higher incomes.
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Census Bureau monthly retail trade stats
- Total adjusted retail sales last November were $435.5 billion. That’s a 7.0% increase from November 2016 ($408.1 billion).
- November total retail sales have grown by $94.39 billion compared to a decade ago — to $453.5 billion in November 2017 from $341.1 billion in November 2007.
- The average growth in retail sales for November each year since 2010 (after the financial crisis) is 4%.
- Projected total retail sales for November this year are estimated to be $466.01 billion, according to finder.com.
- Americans are expected to spend about $61 billion over the Black Friday and Cyber Monday weekend — or 13.09% of November’s total forecast sales.
Source: finder.com; census.gov
Past Black Friday Stats