In the upcoming Black Friday 2023, it's projected that a whopping 68% of consumers will choose to shop online for their holiday deals and 66% on Cyber Monday. According to a new online survey about holiday shopping statistics by Drive Research, it's a substantial percentage that only highlights the continued shift towards a more convenient and flexible shopping experience.
Top Black Friday statistics for 2023 include:
- 82% of people plan to shop during Cyber Week 2023
- 2.5X more people will shop online for Black Friday deals than those shopping in person
- In 2023, more shoppers are planning to participate in Small Business Saturday (36%) than they are in-person Black Friday shopping (27%)
- Amazon, Target, and Walmart will be the most popular places to shop during Black Friday weekend
- In 2023, 78% of holiday shoppers plan to spend the same or less money than last year
- Clothing and accessories (82%), electronics (73%), health and beauty products (49%), toys (48%) and household appliances (44%) will be the top in-store purchases on Black Friday 2023.
- 35% of people will start their Black Friday shopping on Thanksgiving 2023 – a 13% increase from 2022
- Over 1 in 10 shoppers will wait over 2 hours to enter a store on Black Friday (11%)
- When entering a store on Black Friday, 45% of people will wait less than 30 minutes before exiting
- 30 minutes is the cut-off time for many consumers when it comes to waiting in line to enter a store (45%)
Online shopping is gaining momentum, with an estimated 2.5 times more people opting for digital purchases over physical store visits in 2023. This figure represents a substantial shift in consumer behavior and highlights the growing preference for the convenience and ease offered by online shopping platforms.
- Promotions/sales (81%) and free shipping (80%) will be the biggest driving factors for consumers when choosing where to shop, as well as Availability of products (66%), Return/exchange policies (50%), Fast shipping times (46%), and Online reviews (46%).
- Most shoppers discover Black Friday and/or Cyber Monday deals through retailer websites (64%) emails (58%), online blogs/articles (33%), retailer apps/push notifications (30%), retailer organic social media posts (21%) and newspapers/magazines (21%), TV/radio (20%), influencers (18%), in-store advertisements (15%)
- Buy online, pick up in-store (BOPUS) is the biggest trend to hit retail stores in years. The survey found that 54% of U.S. shoppers agree they are more likely to shop at stores that offer 'buy online, pick up in store' capabilities this Black Friday. BOPUS allows consumers to shop and pay for a brand’s products online, retail employees prepare the order, and when it's ready customers drive to the store and pick it up. Again – the convenience and time savings are HUGE for today’s buyers.
Retail locations that offer this service for their Cyber Week deals are likely to see more business when compared to businesses that don’t offer in-store pickup.
On the other hand, only 27% of shoppers plan to physically visit brick-and-mortar stores during Black Friday 2023. This is a 16% decrease from the previous year, indicating a significant drop in the popularity of in-person shopping on this particular day. Of the 27% of consumers who will shop in person on Black Friday 2023, most will visit Target (67%) and Walmart (66%).
Other popular in-person Black Friday shopping destinations included:
- Kohl’s (41%)
- Shopping malls (38%)
- Macy’s (37%)
- Best Buy (36%)
- Old Navy (29%)
- Marshalls (25%)
- Costco (24%)
- Home Depot (24%)
- TJ Maxx (24%)
- Local businesses (23%)
Amazon will be the most popular places to shop online during Cyber Week 2023, with a substantial 88% of shoppers planning to visit during Black Friday weekend. Following behind are Target (55%) and Walmart (51%) as other popular online retailers.
Other top online shopping destinations for Cyber Week included:
- Kohl’s (33%)
- Best Buy (30%)
- Macy’s (26%)
- Old Navy (21%)
- Costco (21%)
- Sephora (20%)
- Dick’s Sporting Goods (17%)
- Local businesses (17%)
- Home Depot (16%)
- eBay (14%)
18% of consumers will not shop any of the holidays (Black Friday, Small Business Saturday, or Cyber Monday), most reported not liking crowds (52%) as the reason – a 12% decrease from 2022. The decline suggests that the traditional Black Friday "experience," characterized by early morning queues and bustling crowds, is losing its appeal among modern consumers. Over 1 in 4 people have been pushed or shoved by other Black Friday shoppers (26%), other respondents have gotten into a verbal altercation (7%) and a physical altercation (3%) with other shoppers.
This trend towards online shopping can be attributed to several factors. Firstly, the convenience of browsing and purchasing items from the comfort of one's home is a significant draw. Additionally, online platforms often offer a wider range of products and deals, allowing consumers to compare prices and make more informed purchasing decisions.
Average Holiday Spending in 2023
23% of people will spend $1,000 or more on holiday shopping this year
Other respondents indicated they would spend…
- Less than $200 (13%)
- $200 to $399 (18%)
- $400 to $599 (22%)
- $600 to $799 (13%)
- $800 to $999 (9%)
Why consumers are spending less for 2023 Holiday Shopping
Rising costs of living (78%), increasing costs of groceries (67%), and high inflation (60%) are among the top reasons people are spending less on holiday shopping in 2023.
A clear picture emerges as to why people are tightening their purse strings for holiday shopping.
These insights collectively highlight the significant impact of economic factors on consumer behavior, emphasizing the need for businesses to offer cost-effective solutions and value-driven options to cater to this financially cautious consumer base.
Other respondents indicated they are spending less on holiday shopping because…
- Rising interest rates (25%)
- Having fewer people to shop for (19%)
- Job uncertainty (17%)
- Student loan repayments (13%)
However, this doesn't mean that the traditional Black Friday experience is becoming obsolete. There remains a segment of consumers who enjoy the thrill of in-person shopping and the instant gratification of walking away with their purchases. Retailers catering to these customers will need to focus on creating safe and efficient shopping experiences to retain their patronage.
Read full report here: https://www.driveresearch.com/market-research-company-blog/black-friday-holiday-shopping-statistics/
