According to data from the National Retail Federation and consumer research firm Prosper Insights & Analytics, 183.4 million people in the US will shop (in-store and online) from Thanksgiving through Cyber Monday. Meanwhile, Black Friday alone is expected to see 131.7 million shoppers.
But where, how, and why do consumers spend their money? Shopify’s 2024 holiday shopping survey examined holiday season trends by looking at responses from 2,000 shoppers in the US and another 16,000 in Australia, Canada, France, Germany, Italy, Japan, Spain, and the UK.
Here are some key insights into consumer behavior this holiday season:
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What is the Outlook for Black Friday?
In a Shopify survey, young people (25-34) reported that they would increase their spending on Black Friday, with 28% planning to spend more this year and 55% aiming to finish shopping by the end of November.
Of those who do not shop on Black Friday, 65% reported doing their most holiday shopping between October and December, and 23% were found to begin their holiday shopping in June.
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What Consumers Care About
A notable trend included how important “free shipping” is to consumers. Profitability can influence 47% of consumers if it is offered, according to the report, much higher than if the company offers a “good customer experience” (31%) or “loyalty schemes” (20%).
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27% of respondents said they would wait for a big sale to start shopping, and spend time comparing prices at different stores.
In the 35 to 44 age group, 85% reported having clear product preferences. Young consumers aged 18 to 24 are most influenced by recommendations on social media.
The report found that smart shopping is important as 26% of consumers plan to shop more sustainably this year. One in five (22%) respondents said they were looking to buy from private companies.
The report found that 60% of consumers use a “mixed shopping” approach during the holidays, buying small items online and larger items in store. There has also been a “shift towards in-store product acquisition” among younger consumers. Shopping and recommendations on social media were still popular—55% of consumers surveyed reported being active on Instagram and TikTok.
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