While in-store doorbuster sales may not be happening in 2020, that’s not going to stop Americans from spending on the biggest shopping holiday of the year. Adults in the U.S. are expected to drop a total of $148.5 billion on Black Friday and Cyber Monday, according to the latest survey data from Finder.
The amount Americans are planning to spend in 2020 is up $285 million compared to 2019, with American consumers expected to spend on average $664.77 in 2020. The number of Americans planning to take advantage of the pre-Christmas sales period is also expected to rise from 86% in 2019 to 88% in 2020.
Furniture items are at the top of shopping lists in 2020, with Americans expected to spend $253 on average. Major appliances closely follow at $234 and electronics at an average of $223.
Interestingly, COVID-19 hasn’t seemed to dampen Americans’ desire to travel, with U.S. adults planning to spend an average of $217 on trips.
SPONSORED: Find a Qualified Financial Advisor
1. Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.
2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals get started now.
Image Credit: Alexandros Michailidis / iStock.
Men to spend more than women on Black Friday – with disparities
While approximately 87% of each gender population are planning to shop for deals on Black Friday, men are planning to spend over $100 more than women, with American men to spend an average of $724.46 compared to $610.71 for women.
There are, however, disparities. Women plan to spend an average of $278.15 on major appliances compared to men, who plan to spend an average of $213.57. On furniture, the average spend for women comes in at $299.14 compared to $226.77 for men.
Image Credit: Finder.
Millennials plan to spend big on Black Friday
While Gen Z will most likely take advantage of Black Friday deals in 2020 — with 92.43% saying they’re buying something in the pre-Christmas shopping bonanza — it’s millennials who will be spending the most. The 91.88% who plan to buy something will shell out $851.79 on average.
At the other end of the spectrum is the Silent Generation, who is not only the generation least likely to participate in Black Friday shopping at 72%, but the lowest-spending at an average of $403.62.
While those in the Silent Generation are spending the least on average, their generation will spend the most on furniture at $493.91, with the Baby Boomers next at $409.33.
Interestingly, the biggest generational discrepancy for spending is major appliances, with Baby Boomers planning to spend an average of $449.86 and millennials planning to spend the next closest average amount at $266.35.
Image Credit: Prostock-Studio/iStock.
The South to spend the most
Southerners plan to spend an average of $717.05 on Black Friday. Those from the Northeast are expected to spend the least at an average of $559.17.
Image Credit: Finder.
The more you earn, the more you’ll spend
Generally speaking, the more you earn, the more you’ll likely spend on Black Friday deals, with only one income group ($100,000 to $119,999) bucking the trend. Those earning $120,000 and over plan to spend the most on average at $869.52. Those planning to spend the least are earning less than $20,000 and plan to spend $447.86.
Image Credit: Finder.
Regrettable purchases are inevitable
While it feels great to snag a deal, buying something just because it was cheap leads many to regret their purchase. That feeling of buyer’s remorse is fairly universal, with 64% of Americans saying they’ve bought something on sale that they later regretted, which is up from 49% in 2019.
At the top of the list of regrets are clothing and shoes, with 77.27% of purchasers making regrettable decisions. While clothing and shoes were the most commonly regretted purchases, the average cost of those items was quite low at $72.02 — whereas household appliances were the most costly regrets at an average of $255.11.
Image Credit: fizkes / iStock.
Our data is based on an online survey of 1,800 U.S. adults born between 1928 and 2002, and it was commissioned by Finder and conducted by Pureprofile in September 2020. Participants were paid volunteers.
We assume the 1,800 participants in our survey represent the U.S. population of 254.7 million Americans who are at least 18 years old, according to the July 2019 US Census Bureau estimate. This assumption was made at the 95% confidence level with a 2.32% margin of error.
The survey asked respondents how much they think they will spend during pre-Christmas sales (Black Friday, Cyber Monday, Singles Day) in several categories. We also asked respondents if they ever bought something on sale that they later regretted, and what was the most they spent on a regretted purchase from the category list.
Average spending calculations are based on only the participants who were planning on spending in that particular category — for example, to calculate average pre-Christmas spending, 12.44% of participants responded “0” in all categories and were not included.
We excluded zeroes in calculating averages which is why despite women spending more on average in most categories, average total spending is higher for men
To avoid skewing the data, we did not include extreme outliers in our calculations.
We define generations by birth year according to the Pew Research Center’s generational guidelines:
- Gen Z: 1997-2002
- Millennials: 1981-1996
- Gen X: 1965-1980
- Baby Boomers: 1949-1964
- The Silent Generation: 1928-1945
We define geographical regions according to the divisions of the U.S. Census Bureau.
Image Credit: DepositPhotos.com.