Consumers in the United States are expected to spend a record $650 during Black Friday-Cyber Monday (BFCM) shopping events this year, marking a 15 per cent increase from 2023, according to a new Deloitte survey.

The survey reveals that eight in 10 shoppers plan to participate in the holiday shopping period, with consumers intending to spend more than half their holiday budgets during the week-long event from Thursday, 28 November to Monday, 2 December.

Notably, all income groups are planning to increase their spending, with those earning less than $50,000 and those earning over $200,000 showing the most significant growth at 22 per cent and 20 per cent respectively.

"This year we have a shorter holiday shopping season with the late Thanksgiving," said Brian McCarthy, principal at Deloitte Consulting. "Combined with a deal-focused consumer, we can expect to see holiday shoppers spend big during Black Friday-Cyber Monday promotions as they seek to close out their holiday shopping lists in a shorter timeframe."

Online retailers have emerged as the preferred shopping destination, with 69 per cent of respondents favoring online-only platforms, marking the first time these retailers have topped consumer preferences.

To stretch their budgets, 53 per cent of consumers plan to use credit cards, up from 35 per cent in 2023. Additionally, 29 per cent will use 'buy now pay later' services, with millennials showing the highest usage at 72 per cent.

The survey also highlighted consumers' focus on value, with 47 per cent believing Black Friday offers the best deals of the season. Shoppers plan to purchase across four categories: clothing and accessories (77 per cent), electronics (57 per cent), toys and hobbies (54 per cent), and emerging categories like health and wellness (34 per cent).

"Consumers are relying on this week to stretch their dollars," said Stephen Rogers, managing director at Deloitte Insights Consumer Industry Center. "Black Friday-Cyber Monday is all about value; this year, all income levels and age groups are looking for deals."

The data suggests a continued trend of accelerated BFCM spending, with a three-year compound annual growth rate of 13.2 per cent, rising to 25 per cent among Gen Z shoppers.

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