Younger Millennials Are Most Likely to Shop on Black Friday and Cyber Monday
NEW YORK – November 22, 2016 – Americans are showing less interest in braving the crowds at stores on Black Friday, according to a new Bankrate.com (NYSE: RATE) report. Only 23% of consumers say they will shop in stores the day after Thanksgiving, down from 28% when Bankrate asked the same question in 2014. In fact, 53% of Americans state they do not plan to do any shopping on Thanksgiving, Black Friday or Cyber Monday.
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“With ample discounts being offered by retailers well before Thanksgiving and additional bargains found throughout December, fewer people are inclined to get up at ridiculous hours and wait in lengthy lines for the possibility to save a few extra dollars,” said Bankrate.com personal finance analyst, Mike Cetera.
Younger millennials are the age group most enthusiastic about Black Friday. 37% of those ages 18-25 say they’ll be shopping in stores, and 38% say they’ll shop online on that day. Women are also more inclined to shop at this time. 25% plan to shop in stores versus only 20% of men. Further, 30% of women say they’ll shop online on Black Friday, compared to just 21% of men. Black Friday shoppers expect to spend an average of $521, with a median of $300.
For those still in search of deals after the weekend, Cyber Monday is certain to tempt many. Millennials in general (ages 18-35) are the age group most eager to shop online on Cyber Monday, at 37%. Women (32%) are also more likely to shop online on this day compared to men (22%). Cyber Monday shoppers expect to spend a bit less than Black Friday shoppers, an average of $372 per shopper, with a median of $200.
Stores that plan to be open on Thanksgiving Day may want to rethink that decision. Just 15% of Americans say they’ll be venturing out to stores to shop on Thanksgiving Day, and only 15% say they’ll shop online. The age group most likely to be shopping on the holiday is younger millennials, whether it be in stores (28%) or online (26%).
Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 304 without a landline phone) in English and Spanish by Princeton Data Source from November 3-6, 2016. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.8 percentage points.
For more information go to: http://www.bankrate.com/finance/consumer-index/money-pulse-1116.aspx
Bankrate.com provides consumers with the expert advice and tools needed to succeed throughout life’s financial journey. For over two decades, Bankrate.com has been a leading personal finance destination. The company offers award-winning editorial content, competitive rate information, and calculators and tools across multiple categories, including mortgages, deposits, credit cards, retirement, automobile loans, and taxes. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to more than 100 cobranded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the internet, such as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.