• by Sarah Mahoney  @mahoney_sarah, November 25, 2024

Kohl’s is enticing shoppers with six days of deals.

Consumers are heading into the Black Friday shopping weekend with big plans and say they intend to spend $650 per person, up 15% from last year, according to a Deloitte survey. But that increase comes with significant financial stress, with 62% planning to rely on financing methods, including credit cards (53%, up from 35% last year) and “buy now pay later” options (29%).

Shoppers in every demographic bracket intend to spend more, with those earning less than $50,000 per household, those earning more than $200,000, and Gen Z-ers most likely to be raising their budget.

They’re also intent on finding deals, an ongoing trend fueled by the outsized importance of the Thanksgiving holiday weekend. Since 2021, the three-year annual growth rate for the Black Friday to Cyber Monday shopping days has risen 13.2%. For Gen Z shoppers, coming into their own as grown-up consumers, the three-year growth rate is 25%.

“This year, we have a shorter holiday shopping season with the late Thanksgiving. Combined with a deal-focused consumer, we can expect holiday shoppers to spend big during Black Friday-Cyber Monday promotions as they seek to close out their holiday shopping lists in a shorter timeframe,” says Brian McCarthy, principal of Deloitte Consulting, in the report. “We continue to see the week evolve as a hybrid event, but online retailers are taking the top spot for the preferred format for the first time among those surveyed. This reinforces the importance of offering a consistent omnichannel experience to draw in consumers whether they plan to shop in-store, online, or both.”

Friday is expected to be the biggest day, with 47% of the sample saying they believe that's when the best deals are available. So 66% plan to shop that day, driving participation up to pre-pandemic levels. (In 2021, it hit a low of 56%.)

Consumers anticipate spending an average of $195 online and $150 in stores.

A survey from ICSC, formerly the International Council of Shopping Centers, found similar trends, forecasting $125 billion during the five days between Thanksgiving and Cyber Monday, with a per-person-spending average of $529. Nine out of 10 respondents -- which translates to about 236 million people -- say they will shop over the five-day period.  And 88% say they will do at least some of their shopping in brick-and-mortar stores.

“Two-thirds of consumers plan to do all or most of their holiday shopping during those five days, and four in five plan to shop on Black Friday and Cyber Monday,” says Tom McGee, president and CEO of ICSC, in the release.

The survey, based on more than 1,000 adults, also finds shoppers to be especially deal-focused, with 57% saying they are choosing to shop during the busy weekend to find deals, and 68% planning  to research prices ahead of time.