Consumers may lament that Christmas decorations are already going up, but retailers can’t wait for holiday spending to begin. The latter group will need to be patient for a few more weeks, however: Many consumers prefer to shop only when the deals start.
More than 117 million American adults (47.8%) won’t purchase clothing, electronics, major appliances and furniture until the start of Black Friday and Cyber Monday deals, according to research conducted by finder.com.
Baby Boomers are the most likely to purchase goods as soon as they see them rather than holding off (69.0%), but Gen Xers (46.3%) and Millennials (35.6%) are a bit more patient in waiting for deals to come through. Women are more likely to hold off or wait for sales (50.4%) compared to men (45.1%)
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In total, 44.1% of American adults plan to spend money on Black Friday/Cyber Monday sales this year, averaging $550 each.
Younger shoppers are the most likely to spend during the period from Black Friday to Cyber Monday. As many as 61.9% of Millennials plan to spend money during the four-day stretch, followed by 49.5% of Gen Xers and 27.0% of Baby Boomers. Gen Xers plan on spending the most ($604), followed by Millennials ($557) and Baby Boomers ($438).
In terms of geography, Georgia has the highest percentage of shoppers planning to spend at this time. The top five states are:
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Georgia (52.9% of shoppers);
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Wisconsin (51.2%);
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Illinois (50.7%);
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Virginia (48.6%); and
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New York (47.4%).
