The 2025 holiday shopping season is here with many retailers already having early sales ahead of Black Friday on Nov. 28. Retailers may need to continue discounting products throughout the holidays with consumers saying they plan to spend less during the Black Friday shopping weekend.
Black Friday Shopping Declines
Black Friday remains one of the key shopping days every year, with retailers offering discounted products, and many people off of work.
A new survey from Deloitte shows that consumers may spend less during the shopping weekend, which runs from Nov. 28 through Monday, Dec. 1 (aka Cyber Monday).
The survey found that consumers plan to spend an average of $622 over the weekend. That’s down 4% year-over-year. This marks the first expected decline in the average spending in the Deloitte annual survey in four years.
One positive for retailers in the survey was the number of people who plan to shop this weekend, with 82% saying they plan to shop in 2025, up from 79% last year.
Among Gen Z consumers, the participation rate is even higher at 92%.
Gen Z and Millennial consumers plan to keep their spending the same as last year. Gen X shoppers report they will spend 9% less this weekend. Boomers are the group cutting spending the most, reporting 12% less expected to be spent this Black Friday weekend.
Broken down by salary ranges, consumers making less than $50,000 annually say they will spend 12% less this Black Friday weekend. Perhaps surprising to some, the group that makes $200,000 or more said they will spend 18% less than last year during this Black Friday weekend.
Consumers earning $100,000 to $199,000 per year are the only group observers expect to spend more. Black Friday shopping for this demographic will rise 5% year over year, the survey projects.
With many deals underway and consumers already beginning their shopping, the survey found that 47% of consumers said they have already seen higher prices during the 2025 holidays compared to last year. The poll found that 34% of consumers said retailers have offered lower discounts this year compared to 2024.
The poll also indicated two significant contributors to spending less during Black Friday this year:
- A higher cost of living (69%) and
- Financial constraints (43%).
Top categories for weekend shoppers in the survey:
- Clothing (76%)
- Electronics (56%)
- Toys (52%) and
- Gift cards (51%).
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Consumers Look For Deals, Financing Help
With consumers seeing higher prices in stores and in some cases fewer discounts, they are on the lookout for the best deals available and are also turning to financing help.
The survey found that 38% of consumers said they would only buy items discounted by 50% or more during the Black Friday weekend.
Other shoppers are looking to cut costs elsewhere to afford more shopping on Black Friday. Fifty-six percent of Gen Z shoppers said they would cut back on their other expenses to be able to buy more during the shopping holiday.
Financing during Black Friday is expected to be in line with last year. Up to 64% of consumers say they would finance with credit cards or buy now, pay later this year.
"Value continues to be the centerpiece of the holiday season, and Black Friday-Cyber Monday promotions are an easy way for shoppers to capture those deals," Deloitte Consulting Retail Strategy Leader Brian McCarthy said.
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