US consumers are not letting a possible recession dampen their holiday spirit and plan to spend an average of $375 during Black Friday and Cyber Monday according to Oliver Wyman. This is a slight drop from $390 in 2018.
Respondents age 20-29 were the most concerned about a recession (39%) and planned to cut back on shopping, while respondents age 60+ were less phased (24%) by the possibility. Additionally, pending tariffs are impacting how various age groups are looking at holiday shopping, with 42% of respondents age 20-29 anticipating purchasing fewer items this season.
Most shoppers (59%) are planning to shop exclusively online over Black Friday and Cyber Monday, and their shopping lists tends to be planned (72%) rather than spontaneous (27%). Consumers are looking for big discounts – almost 70% said they wanted between 30% and 50% off in order to make a purchase.
Hunter Williams, retail and consumer goods partner, Oliver Wyman, says:
“Our survey indicates that a potential recession appears to be causing US shoppers to tap, but not yet slam, the brakes in terms of spending. Consumers are still prepared to shop this holiday season and are actively planning what they want to purchase.
“Online shopping continues to draw consumers, which is evident with online retailers such as Amazon offering one day free shipping this holiday season. Our research shows that most shoppers want to stay home and shop from the comfort of their home and are already researching their favorite online retailers to build a list for shopping online.”
Globally, our new report, Black Friday 2019: What Is Driving Consumers to Shop This Year?, shows that most shoppers planning to participate in Black Friday or Cyber Monday online and are looking to spend 200-300 in local currency.
About the survey
The online questionnaire was fielded in 12 countries with 23,228 individuals surveyed with 12,296 of those planning to shop this year on Black Friday and/or Cyber Monday. The US survey consisted of 2,744 individuals, of which 1,218 said they plan to shop this year on Black Friday and/or Cyber Monday.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191114005521/en/