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A report published by Influencer Marketing Hub (IMH) argued that Americans are anticipated to spend at least $10.8 billion on stuff and things today, Black Friday.
Data shared by IMH via Adobe found that most folks will spend on Cyber Monday (est. $13.2 billion), suggesting that the long-held tradition of beating random strangers in stores while searching for deals may be slowly bowing out of American society. Then again, roughly 200 million consumers shopped over Thanksgiving weekend in 2023, the highest number in the last five years. (POLL: Do You Think That Social Media Platforms Should Be Regulated?)
Back in 2018, only 165.8 million people shopped during Thanksgiving weekend, a far lower amount than during the COVID-19 pandemic. From 2020 to 2022, more than 179 million people hit the stores for Black Friday, a surprising finding.
NRF 2023
What Do The Numbers Really Mean?
“While Adobe’s survey anticipates that revenue will increase in 2024, a YouGov survey predicts that the majority will spend the same or less than last year. About a quarter (27%) plan to decrease their spending while 36% will leave their spending unchanged,” IMH wrote in their analysis. “In fact, only 9% plan on spending more than in 2023.” (POLL: Do You Prefer to Spend Time Indoors or Outdoors?)
Despite the high-spending, most stores only discount goods up to 30%, which isn’t a lot of money. When you consider how many products will go to landfill or the dollar bin post-Christmas, it feels like Black Friday is exclusively designed to push shoppers to spend on stuff they could save on a month or so later.
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