You may be old enough to remember when stores were closed on Thanksgiving Day. These days, it’s the kick-off to holiday shopping both in-store and online.
A survey from Deloitte found 79% of the 1,200 consumers responding planned to do their holiday shopping over the Thanksgiving period (Thanksgiving Thursday – Cyber Monday).
Of those shoppers, 94% planned to shop online and 87% planned to shop in-store.
Over 40% of all online spending during the Thanksgiving period is expected to occur on Cyber Monday, Deloitte reported – and of the consumers who said they planned on shopping online, 72% said they would do so on Cyber Monday.
Of those who plan to shop in-store, 70% will do so on Black Friday – and over one quarter of respondents (26%) will do so on Thanksgiving Day.
Deloitte also found that younger generations will dominate holiday spending: Gen X shoppers plan on spending the most during the Thanksgiving period (an average of $452), closely followed by Millennials at $446. Gen Z consumers will spend less at an average of $335, but they lead all groups in heading to the stores on Black Friday at 82%, followed by 60% of Millennial shoppers who plan to be in stores on Black Friday.
If you need a refresher on the labels market researchers and the media place on different generations, Business Insider has a handy chart.
You can find the full press release about the Thanksgiving shopping survey results on Deloitte.com.