As the rising cost of living continues to pinch household budgets, 74 percent of consumers on several continents say they intend to take advantage of deals during November sales events this year—an increase of 7 percentage points versus 2022. Over the course of this Black Friday, Cyber Monday and Singles’ Day, U.S. consumers plan to spend the most ($460), followed by Switzerland ($390), and Germany ($385).
What’s more, average spend is expected to exceed 2022—in some countries, by as much as 22%. This record consumer spending, while partially driven by year-over-year inflation, also reflects a growing focus on deal hunting as consumers shift December holiday shopping to November to benefit from bargains.
These are among the findings of the 2023 Black Friday consumer sentiment survey by Boston Consulting Group (BCG). The survey, which was released today, examines the spending plans of more than 7000 consumers across seven markets (Australia, Canada, Germany, Switzerland, Poland, U.K. and U.S).
“Black Friday is a highly anticipated part of the annual shopping calendar. As consumers feel pressure on their personal finances this year, they are more deal-focused than ever,” says Jessica Distler, a BCG Managing Director and Partner and coauthor of the study. “The challenge for retailers will be to stand out among the noise.”
Overall, November sales events “are blurring into a whole season of bargain hunting. And this year, consumers are ready and willing to shop around to get the best value for their dollar,” says Julia Hohmann-Altmeier, an Associate Director in BCG’s Marketing and Sales practice and a coauthor of the study. “Retailers need relevant discounts and targeted ads based on product interests and key moments if they’re going to convert shoppers during what is sure to be a highly competitive shopping season.
Click here for more from the survey.