U.S. consumers plan to shop in record numbers in-store and online during the Cyber 5 this year, new data from the National Retail Federation and Proper Insights & Analytics shows.
And that’s not just compared to last year. It would also be about 18.1 million people more than in 2019, the last full year before the COVID-19 pandemic. The Cyber 5 is the five-day period from Thanksgiving through Cyber Monday. Because Thanksgiving is late in November this year, the Cyber 5 extends into December.
“Even though holiday shopping continues to pull forward, some of the busiest shopping days of the year are during the five-day Thanksgiving weekend,” said Katherine Cullen, NRF vice president of industry and consumer insights, in a statement. “Consumers are prioritizing gift-giving for the most important people in their lives, and retailers are prepared to help customers find everything on their shopping lists at great prices throughout the season.”
The NRF surveyed 8,135 adult consumers from Nov. 1 to 7 about their Cyber 5 shopping plans.
Earlier this month, the NRF had forecast U.S. ecommerce sales to grow twice as fast as total sales. It predicts total sales will range from $979.5 billion to $989 billion.
Prediction: Record number of shoppers during Cyber 5
The NRF’s annual survey indicates a record 183.4 million people plan to shop in-store and online during the Cyber 5. That compares with a previous record of 182 million shoppers last year, according to NRF data.
More than half of surveyed consumers (57%) said they expect the deals to be too good to pass up. Meanwhile, more than a quarter of respondents (28%) plan to shop because it has become a tradition. Similarly, just under a quarter (24%) likes to start holiday shopping during the Cyber 5.
Additionally, 58% of consumers had already started their holiday shopping in early November.
And when it comes to Black Friday shopping specifically, NRF survey data shows 65% of consumers plan to shop in-store that day.
“Younger shoppers are most likely to take advantage of Thanksgiving weekend deals this year, with 89% of young adults between 18-24 planning to shop over the weekend,” said Phil Rist, Prosper Insights & Analytics executive vice president of strategy, in a statement. “The social aspect of holiday shopping is also enticing to this age group, and they are most likely to shop because it’s a group activity that can be enjoyed with friends and family (20%).”
More than half of consumers who said they don’t plan on shopping during the Cyber 5 (51%) said they could be convinced to do so if they find the items they want on sale, get free shipping, or family members invite them to join.
Consumer spending insights for Black Friday through Cyber Monday
Consulting firm Deloitte released its 2024 Black Friday-Cyber Monday survey, adding another level of consumer insights into anticipated spending habits during the Cyber 5. Deloitte surveyed 1,200 U.S. consumers from Oct. 16 to 22 this year.
For example, Deloitte survey respondents plan to spend $650 during the Cyber 5. 62% of respondents plan to “stretch” their budgets through credit cards and buy now, pay later (BNPL) offers.
Deloitte data shows that Gen Z and millennial shoppers have been largely responsible for a Black Friday/Cyber Monday compound annual growth rate (CAGR) of 13.2% since 2021.
The Deloitte survey also indicates that consumers prefer online-only merchants for the Black Friday/Cyber Monday period. That’s up to 69% of respondents indicating they prefer ecommerce for Cyber 5 shopping, from 54% in 2023. Mass Merchants — such as Amazon, Walmart, Target and Costco — come in as the second-most preferred Cyber 5 shopping destination.
Furthermore, Deloitte survey data shows that consumers plan to spend more online on Black Friday 2024 than they did in 2023. They plan to capitalize on discounted gifts. Deloitte data shows that consumers plan to spend on apparel and accessories (77%), electronics (57%), and toys (54%) when gifting for others, and on bargains for self-gifting (48%).
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