Black Friday statistics 2024

Key Insights

• 2024 Black Friday forecast: Finder forecasts that 58% of American adults will shop Black Friday sales.
• Number of Black Friday shoppers: An estimated 152 million Americans will shop the sales.
• Average spend: The average Black Friday shopper will spend $674.
• Black Friday sales worth over $100 billion to retailers: Americans will spend around $102.4 billion on Black Friday deals.
• Most searched retailers: Walmart, Target and Best Buy account for more than half (55%) of Black Friday searches.
• Tech deals are king: The top three most commonly searched products are all tech: PS5 (21%), Nintendo Switch (18%) and iPhone (17%).

The holiday shopping season is upon us, and an estimated 152 million Americans plan to shop Black Friday in 2024 and spend, according to the latest research from Finder.

• % shopping
• # of adults shopping

And with an average spend of $674, Americans will part with roughly $102.4 billion this year trying to score a deal.

• Spend per person
• Spend total

Where are people looking for Black Friday deals?

Finder dug into the search data and found that of the top 15 most-searched-for retailers for Black Friday deals, over a third of those searches were for Walmart Black Friday deals. The only other two retailers with double-digit search volume were Target (12%) and Best Buy (10%).

What are people buying on Black Friday?

In terms of the most popular products, tech reigns supreme, with the PS5 being the most-searched-for item and accounting for a little of a fifth (21%) of the search volume for the top 20 products. Black Friday deals for the Nintendo Switch are not far behind at 18%, followed by the iPhone at 17%.

What kind of discount can you expect to find on Black Friday?

Well, this is tougher to know because Black Friday deals vary from year to year. However, we asked ChatGPT to look at the Internet Archive to see what kind of deals were on offer, and it provided mixed results. So, we combed through a list of popular products on Google the old-fashioned way and found that, on average, you could save around 25% on these products by shopping the Black Friday and Cyber Monday sales.

Last year, the products from the list with the larger Black Friday discount were Beats Headphones at 45% off, followed by Fitbits and Roombas, which were discounted by 40%.

Our expert says: Don't overextend yourself on Black Friday

"You wouldn’t want to learn that a loved one went into debt to afford gifts for the holidays, right? Remember that mentality. Using credit cards for holiday shopping is tempting, especially with promotions, sales and cashback rewards. But if you can’t pay off the balance right away, carrying a balance into the new year means paying interest, which can make those ‘deals’ cost much more over time.

“And one more thing: we’ve all been guilty of hoarding cash-back rewards for the perfect purchase — the holidays are the perfect time to cash those in."

Bethany Hickey

Editor, Banking

• Methodology

  Changes in methodology. Previously Finder ran surveys asking how many people plan to shop the Black Friday sales. We did not run a survey in 2024, and the data is based on a forecast. The forecast data is based on the results of our previous survey along with population data sampled from the Annie E. Casey Foundation (AECF®).

  For the product and brand research, Finder used search data gathered from Ahrefs. Once we found the top retailers, we used ChatGPT to search the Internet Archive Wayback Machine to see what deals were on offer in 2023.

Past Black Friday Stats

• 2023

  The holiday shopping season is upon us, and an estimated 132 million Americans plan to shop the pre-holiday sales (such as Black Friday and Cyber Monday) in 2023, according to the latest research from Finder. And with an average spend of $708, Americans will part with roughly $60 billion this year trying to score a deal.

  Women slightly more likely to shop the sales

  In 2023, women are more likely to say they’ll be hitting the Black Friday sales, with 57% of women saying they’ll be bargain hunting compared to 44% of men.

  However, the average man is handing over $565 at the sales compared to $382 for women.

  Generation Z top Black Friday shoppers

  Generation Z will be hunting for bargains this holiday season, with 68% of those surveyed saying they plan to shop the Black Friday sales. However, generation Z also plans on spending the least of any generation at $357.

  • Chart
  • Data table

  Northeast homes the highest percentage of holiday shoppers

  Black Friday is most popular with those in the Northeast, with 54% saying they plan to shop the sales. They’re also the biggest spenders, with the average shopper handing over $547. Those in the Midwest and West are the least likely to shop the Black Friday sales (just 49%). People in the Midwest plan to spend the least per person at $393.

  Are Black Friday sales worth it?

  While only 50.5% said they planned to shop the Black Friday sales, a combined 52% say Black Friday sales are good value. However, 34% say that while Black Friday offers good deals, it’s not always worth the hassle.

  Slightly more men than women think Black Friday sales offer value

  About two-fifths of men (63%) and women (61%) say Black Friday is a great chance to score a deal. Women are a little more suspect of retailers than men, with over a quarter (26%) of women suspecting that retailers just inflate their prices presale only to “discount them” for the sales.

  Gen Y say Black Friday is a great deal

  While generation Z is the most likely to be shopping the sales, it’s actually gen Y who says the day represents a great deal, with 71% saying Black Friday sales are good value.

  The United States of Black Friday sale shoppers

  The country may have differences from coast to coast, but the value offered by the Black Friday sales is something many of us share, with 71% of those in the Northeast and South and 68% of those in the Midwest and West saying the sales offer good value.

  Once bitten, twice shy

  Approximately 52% of those surveyed said they’d bought a sale item only to regret it later, with the average amount spent on a regrettable item coming out at $249.

  Men make costlier shopping errors

  Women are far more likely than men to regret past purchases, with 49% saying they’ve bought a sale item and regretted it compared to 44% of men. However, the amount spent on these regretful decisions was vastly different, with the average regretful purchase by men ($354) more than double that spent by women ($194).

  Generation Z regret their past purchases

  Generation Z rues their previous Black Friday sales pickups the most, with 60% having bought something on sale they later regretted. Gen Y has the most expensive regrets at $355.

  The Midwest has the least regret over past purchases

  People in the Mideast have the least regret over items they bought on prior Black Friday sales at 56%, while the average regretted item is at its lowest in the South ($229).

  Methodology

  Finder’s Consumer Confidence Index is an ongoing quarterly nationally representative survey, so far polling more than 10,000 American adults, asking questions relating to household finances. First collected October 4-19, 2022, with following iterations running between January 9 to February 17, 2023, April 11-20, 2023, July 6-18, 2023, and most recently, October 11-30, 2023.

  Our data is based on an online survey of 2,033 US adults commissioned by Finder and conducted by Qualtrics/SAP from October 11-30, 2023, with representative quotas for gender, age and states.

  We assume the 2,033 participants in our survey represent the US population of 260.9 million Americans who are at least 18 years old, according to the July 2022 US Census Bureau population estimate. This assumption is made at the 95% confidence level with a 2% margin of error.

  A full list of questions can be found on Finder’s Consumer Confidence Index.

  We define generations by birth year according to the Pew Research Center’s generational guidelines, though we’ve combined baby boomers and the Silent Generation into a single group for sampling ease:

  • Gen Z — any adults born post-1997
  • Gen Y — 1981–1996
  • Gen X — 1965–1980
  • Baby boomers — anyone born pre-1964

  We define geographical regions as defined by the US Census Bureau.

  The holiday shopping season is upon us, and an estimated 140 million Americans plan to shop the pre-holiday sales (such as Black Friday and Cyber Monday) in 2022, according to the latest research from Finder. And with an average spend of $362, Americans will part with roughly $51 billion this year trying to score a deal.

  Men slightly more likely to shop the sales

  In 2022, men are slightly more likely to say they’ll be hitting the Black Friday sales, with 55% of men saying they’ll be bargain hunting compared to 52% of women. Not only do more men say they’ll be shopping, but they also plan to spend more than women, with the average man handing over $465 compared to $300 for women.

  Generation Z top Black Friday shoppers

  Generation Z will be hunting for bargains this holiday season, with three-quarters (75%) of those surveyed saying they plan to shop the Black Friday sales. However, generation Z plan on spending the second-least of any generation ($365), with only generation X planning to spend less ($345).

  • Chart
  • Data table

  Northeast US home to the highest percentage of holiday shoppers

  The shopping bug has bitten those in the Northeast, with 59% saying they plan to shop the sales, but it’s those in the Midwest who’ll be the biggest spenders, with the average shopper handing over $409. Those on the West Coast are the least likely to shop the Black Friday sales (just 46%). People in the South plan to spend the least per person ($336).

  Are Black Friday sales worth it?

  While only 53% said they planned to shop the Black Friday sales, a combined 70% say that Black Friday sales are good value. However, 41% say that while Black Friday offers good deals, it’s not always worth the hassle.

  More men than women think Black Friday sales offer value

  Almost three-quarters (73%) of men say they think that Black Friday is a great chance to score a deal, compared to 67% of women. Women are a little more suspect of retailers than men, with almost a quarter (23%) of women suspecting that retailers just inflate their prices presale only to “discount them” for the sales.

  Generation Z say Black Friday is a great deal

  Not only is generation Z the generation most likely to be shopping the sales, but they also think that the day represents a great deal, with a whopping 84% saying Black Friday sales are good value.

  The United States of Black Friday sale shoppers

  The country may have its differences from coast to coast, but the value offered by the Black Friday sales is something many of us share, with 71% of those in the Northeast and South and 68% of those in the Midwest and West saying the sales offer good value.

  Once bitten, twice shy

  Approximately 60% of those surveyed said that they’d bought a sale item only to regret it later, with the average amount spent on a regrettable item coming out at $233.

  Men make costlier shopping errors

  Women and men have similar amounts of regret over past purchases, with 61% of women and 60% of men saying they’d bought a sale item and regretted it. However, the amount spent on these regretful decisions was vastly different with the average regretful purchase by men ($350) being more than double that spent by women ($156).

  Generation Z regret their past purchases

  Generation Z is the generation that rues their previous Black Friday sales pick-ups the most, with 67% having bought something on sale that they later regretted. And that comes as little wonder with the average regretted sale item for generation Z coming in at $366.

  The South has the least regret over past purchases

  People in the South have the least regret over items they bought on prior Black Friday sales at 59%, with the average regretted item also coming in the lowest at $205.

• 2021

  Holiday sales periods like Black Friday and Cyber Monday have become a global phenomenon and one of the largest shopping days, both online and in person. In fact, new research from Finder.com reveals 28% of American adults, or an estimated 72.4 million people, plan to shop end-of-year sales like Black Friday this year. Finder conducted two separate surveys to find out why Americans are shopping and how much of a discount it’ll take. Let’s unpack the stats.

  Who is most likely to shop the Black Friday sales?

  Women are slightly more likely than men to partake in the shopping event, with 29% of women saying they plan to make a purchase compared to 27% of men.

  People between ages 35 and 44 are the most likely to partake in the event, with 34% in this age group saying they will shop the sales. Meanwhile, just 24% of those ages 25 to 34 and 65 and older say the same.

  Why are Americans shopping Black Friday?

  We all have our reasons for shopping the sales – some are jonesing for a good deal while others simply have nothing else to do. In America, it turns out 11% of adults plan to shop because they think they’ll find a good deal, while 6% are shopping to stave off boredom. The remaining 11% say they’re shopping but couldn’t give a specific reason why.

  Men are more likely than women to be a procrasti-shopper, with 7% of men planning to shop because they’re bored compared to just 4% of women. However, they’re just as likely as one another to shop for a good deal, with 11% of both sexes shopping for this reason.

  Why aren’t Americans shopping Black Friday?

  It doesn’t take too much imagination to wonder why someone would want to buy an item for less. So why wouldn’t they?
  It turns out that 8% of American adults think that retailers inflate prices before sales, making them want to opt out altogether.

  An additional 5% say the products they want aren’t discounted, while 4% say they have never heard of Black Friday.

  How much of a discount will it take for Americans to shop Black Friday?

  In a separate survey, Finder asked Americans how much of a discount it would take to shop the sales. Across the board, 58% of adults say they could be enticed to make a purchase this Black Friday — but only if the price is right.
  On average, it’ll take an average discount of 58% to coax Americans out to shop on Black Friday 2021.

  One in five adults (19%) say it would take a discount of 50% to get them interested in going shopping.

  The next most common response was 90%, with 15% saying they’d need a discount of at least that to pique their interest.

  Taking nearly three-quarters of the price was the third most common response, with 11% saying they’d need a 70% discount to consider shopping.

  Are men or women most likely to be enticed by the Black Friday sales?

  More American men are planning to hit the sales than women, with 59% of men saying they could be convinced to shop the sales, compared to 57% of women.

  The top response for both men and women was a discount of 50%, with 19% of both men and women looking for a discount of at least half-off.

  Getting items for 90% off was the second most common answer for the sexes. However, slightly more women (16%) than men (14%) said they’d need prices cut by this much.

  The next most common discount that would entice women into shopping was 70% off, with 14% needing to save at least that much. Whereas for 10% of men, it would only take a discount of 25%.

  Younger Americans most likely to be enticed

  Those aged 18-24 are most likely to shop the sales, with 69% saying they’ll be enticed to shop if the price is right. Meanwhile, those aged 65+ are least likely to take part, with just 52% saying any discount could catch their eye.

  Which country has the most Black Friday shoppers?

  Black Friday can bring to mind hoards of American bargain-hunters breaking through the front doors of stores across the country. So, it’s unsurprising the US tops the list for the number of people searching Black Friday deals in 2021.

  The US has the highest search interest in Black Friday, making up roughly 21% of search volume for the shopping holiday, according to our analysis of historical search data for four key terms related to the shopping holiday in 31 countries. (See our methodology for a breakdown of our analysis.) Search interest within the US in 2021 is also up compared to 2020, jumping roughly 7%.

  Germany takes silver for search interest in Black Friday, making up about 13% of the search interest in those 31 countries. And interest is way up in Germany, jumping roughly 18% year-on-year.

  Taking the final spot on the podium is Brazil, which makes up around 11% of the search volume. Search interest in Brazil saw modest gains in 2021 of roughly 4%.

  Chile may have only ranked 22nd in terms of search volume but saw the largest year-on-year gain in search interest (41%), whereas interest in Italy went the other way, with a precipitous drop of roughly 74%.

  Want to know how your country stacks up? View the 31 countries searching for Black Friday in our map below, or use the table in the tab to see where your country ended up over the last three years:

  • Top countries searching for Black Friday - map
  • Top countries searching for Black Friday table 2019-2021

  Who are the most popular retailers in the US?

  Search volume data from Ahrefs suggests that one of the most popular places to go for Black Friday deals is Walmart. Other popular retailers searched for include Best Buy, Target and Kohls.

  What are people looking to buy on Black Friday?

  In terms of specific products and brands, data suggests that people are looking to bag deals on products like TVs and the Nintendo Switch. Other popular brands include Apple, Verizon and Hulu.

  Methodology
  Finder surveyed a convenience sample of 2,003 American adults via an online Google survey from September 28–30, 2021. Google applied weighting to the survey results to be representatively proportionate to the general internet population. The details of Google’s survey methodology can be found here.

  For the search data, Finder has been collecting search data for most of the 31 countries since 2019 from multiple sources, including SEMRush, Ahrefs and Google. To get the overall ranking, Finder used a combination of the term “Black Friday,” in conjunction with ancillary searches that included either year (i.e. 2020 or 2021) and the local equivalent search for “Black Friday deals.”

  For the list of retailers, Finder looked at the top 1,000 search results as per Ahrefs to get a list of retailers, products and brands which were dominant in the results. Because of the large volume, various iterations of spelling mistakes and the limited scope (i.e. top 1,000 search results), we chose to present the results in no particular order.

• 2020

  While in-store doorbuster sales may not be happening in 2020, that’s not going to stop Americans from spending on the biggest shopping holiday of the year. Adults in the US are expected to drop a total of $148.5 billion on Black Friday and Cyber Monday, according to the latest survey data from Finder.

  The amount Americans are planning to spend in 2020 is up $285 million compared to 2019, with American consumers expected to spend on average $664.77 in 2020. The number of Americans planning to take advantage of the pre-Christmas sales period is also expected to rise from 86% in 2019 to 88% in 2020.

  Furniture items are at the top of shopping lists in 2020, with Americans expected to spend $253 on average. Major appliances closely follow at $234 and electronics at an average of $223.

  Interestingly, COVID-19 hasn’t seemed to dampen Americans’ desire to travel, with US adults planning to spend an average of $217 on trips.

  • What Americans are buying on Black Friday? - Visual
  • What Americans are buying on Black Friday? - Data

  Categories	Average spend
  Furniture	$253
  Major appliances	$234
  Electronic/gadgets	$223
  Travel	$217
  Food/alcohol	$160
  Clothes and shoes	$127
  Toys	$122
  Sporting and outdoor quipment	$104
  Beauty and makeup	$63

  Men to spend more than women on Black Friday

  While approximately 87% of each gender population are planning to shop for deals on Black Friday, men are planning to spend over $100 more than women, with American men to spend an average of $724.46 compared to $610.71 for women.

  • How much do men and women spend on Black Friday? - Visual
  • How much do men and women spend on Black Friday? – Data

  Gender	Amount spent
  Male	$724.46
  Female	$610.71

  There are, however, disparities. Women plan to spend an average of $278.15 on major appliances compared to men, who plan to spend an average of $213.57. On furniture, the average spend for women comes in at $299.14 compared to $226.77 for men.

  • Black Friday spending by gender - Visual
  • Black Friday spending by gender - Data

  Category	Male	Female	Everyone
  Clothes and shoes	$123.92	$130.52	$127.46
  Travel	$204.23	$236.12	$217.08
  Electronics/gadgets	$234.61	$210.15	$223.36
  Major applicanes	$213.57	$278.15	$233.62
  Furniture	$226.77	$299.14	$253.14
  Toys	$117.01	$125.51	$121.53
  Beauty and makeup	$60.14	$65.24	$63.36
  Food/alcohol	$155.21	$165.24	$160.37
  Sporting and outdoor equipment	$105.43	$99.75	$103.54

  Millennials plan to spend big on Black Friday

  While Gen Z will most likely take advantage of Black Friday deals in 2020 — with 92.43% saying they’re buying something in the pre-Christmas shopping bonanza — it’s millennials who will be spending the most. The 91.88% who plan to buy something will shell out $851.79 on average.

  At the other end of the spectrum is the Silent Generation, who is not only the generation least likely to participate in Black Friday shopping at 72%, but the lowest-spending at an average of $403.62.

  • Black Friday spending by generation in 2020 - Visual
  • Black Friday spending by generation in 2020 - Data

  Generation	Average spend
  Gen Z	$594.56
  Millennial	$851.79
  Gen X	$679.18
  Baby Boomers	$577.81
  Silent Gen	$403.62

  While those in the Silent Generation are spending the least on average, their generation will spend the most on furniture at $493.91, with the Baby Boomers next at $409.33.

  Interestingly, the biggest generational discrepancy for spending is major appliances, with Baby Boomers planning to spend an average of
  $449.86 and millennials planning to spend the next closest average amount at $266.35.

  The South to spend the most

  Southerners plan to spend an average of $717.05 on Black Friday. Those from the Northeast are expected to spend the least at an average of $559.17.

  • Average expected to spend during pre-Christmas sales per region - Visual
  • Average expected to spend during pre-Christmas sales per region - Data

  Region	Average expected to spend
  Northeast	$559.17
  Midwest	$674.78
  South	$717.05
  West	$643.99

  The more you earn, the more you’ll spend

  Generally speaking, the more you earn, the more you’ll likely spend on Black Friday deals, with only one income group ($100K-$119,999) bucking the trend. Those earning $120K and over plan to spend the most on average at $869.52. Those planning to spend the least are earning less than $20K and plan to spend $447.86.

  How does income affect spending habits?

  Annual income	Average expected spend
  Less than $20,000	$447.86
  $20,000 to $39,999	$582.31
  $40,000 to $59,999	$758.86
  $60,000 to $79,999	$797.20
  $80,000 to $99,999	$815.22
  $100,000 to $119,999	$689.44
  $120,000 or over	$869.52

  Regrettable purchases are inevitable

  While it feels great to snag a deal, buying something just because it was cheap leads many to regret their purchase. That feeling of buyer’s remorse is fairly universal, with 64% of Americans saying they’ve bought something on sale that they later regretted, which is up from 49% in 2019.

  At the top of the list of regrets are clothing and shoes, with 77.27% of purchasers making regrettable decisions. While clothing and shoes were the most commonly regretted purchases, the average cost of those items was quite low at $72.02 — whereas household appliances were the most costly regrets at an average of $255.11.

  Our data is based on an online survey of 1,800 US adults born between 1928 and 2002 commissioned by Finder and conducted by Pureprofile in September 2020. Participants were paid volunteers.

  We assume the 1,800 participants in our survey represent the US population of 254.7 million Americans who are at least 18 years old according to the July 2019 US Census Bureau estimate. This assumption was made at the 95% confidence level with a 2.32% margin of error.

  The survey asked respondents how much they think they will spend during pre-Christmas sales (Black Friday, Cyber Monday, Singles Day) in several categories. We also asked respondents if they ever bought something on sale that they later regretted, and what was the most they spent on a regretted purchase from the category list.

  Average spending calculations are based on only the participants who were planning on spending in that particular category — for example, to calculate average pre-Christmas spending, 12.44% of participants responded “0” in all categories and were not included.

  We excluded zeroes in calculating averages which is why despite women spending more on average in most categories, average total spending is higher for men

  To avoid skewing the data, we did not include extreme outliers in our calculations.

  We define generations by birth year according to the Pew Research Center’s generational guidelines:

  • Gen Z: 1997-2002
  • Millennials: 1981-1996
  • Gen X: 1965-1980
  • Baby Boomers: 1949-1964
  • The Silent Generation: 1928-1945

  We define geographical regions according to the divisions of the US Census Bureau.

• 2019

  Expect Americans to drop roughly $148 billion on Black Friday and Cyber Monday this year.

  86% of Americans are planning to spend their hard-earned cash on pre-Christmas sales such as Black Friday, Cyber Monday and Singles Day according to the latest research from finder.com.

  Men hunting for a deal

  While stereotypes might have you thinking that women are more likely than men to shop ’til they drop, slightly more men say they’ll brave the crowds to hunt for deals this year. Some 87% of men say they plan to shop over Black Friday and Cyber Monday, versus 85% of women.

  With a low 2% difference between the genders, men are expected to spend only $111.61 more than women, budgeting an average $744.88 for men compared with $633.27 for women.

  Baby boomers are livin’ large for 2019

  Gen X took the lead for the average amount planned to be spent, with 89% of Gen X saying they’ll partake in pre-Christmas sales, planning to spend an average of $797.66 in 2019. Millennials followed with 93% of Millennials saying they planned to spend an average of $719.89. Baby boomers were the most frugal group, with only 78% of Baby boomers saying they’d spend an average of $527.53 – more than 30% less than Gen X.

  Of the 89% of Gen X that will be participating in Black Friday, they plan to spend the most within their generation on electronics at $16.7 billion and the least on beauty and makeup at $3.2 billion. 93% of Millennials will spend the most money within their generation on electronics also with data analysis reporting the amount at $8.3 billion. Millennials will also spend the least amount of money on beauty and makeup at $1.8 billion – roughly $1.4 billion less than Gen X plans to spend.

  Baby boomers reported they plan to spend the least on beauty and makeup, at $1.5 billion dollars. Although, unlike Gen X and Millennials planning to drop the most dough on electronics, Baby boomers seem to have an appetite with an estimated $9.1 billion being planned to be spent on food and drinks.

  Do you regret your shopping spree? You’re not alone!

  Approximately 49% of people have purchased something on sale that they later regretted.
  The average amount spent per item was $143.73.

  Gender
  Men (52%) are more likely than women (46%) to regret a shopping purchase. On average, women regret purchases of about $129.00, while for men the amount is slightly more at $158.09.

  Generation
  Of the generations, Gen X’s regret the highest amount of purchases — an average of $158.82. Millennials, on the other hand, spent an average of $128.51 and Baby boomers an average of $133.87 on purchases they later regretted. Millennials carry the most regret, with 62% saying they regret a sale purchase. Baby boomers come in last for regret, with only 40% of boomers reporting regretting their sale purchases.

  Methodology
  We calculated these figures from a survey of 1,611 American adults who reported they participate in pre-Christmas sales events (Black Friday, Cyber Monday, Singles Day) commissioned by finder.com and conducted by global research provider Pureprofile in October 2019. Our pre-Christmas spending question was phrased slightly differently from prior years to calculated how much respondents spent in various categories.

  Ask the experts…

  

  Ana Serafin Smith

  Senior Director, Media Relations

  National Retail Federation

  Some of the trends we are seeing this season includes starting Black Friday deals as early as November 1st, special promotions online and in-store unique to those customers that like to shop on both venues or just one!, offering gift cards as an incentive to buy some of the hot items of the season to even special store hours on Thanksgiving and Black Friday for those that want to get into the stores, check off that holiday list and walk off that Turkey.

  Thanksgiving weekend is officially the half way mark for the holiday shopping season. Consumers see this weekend as a cultural experience and family tradition that will continue for years to come.

  

  Maggie Baker

  Psychologist, financial therapist and author of Crazy About Money: How Emotions Confuse Our Money Choices and What to Do About it.

  President, Baker & Baker Associates

  Thanksgiving is a time for gratitude AND it signals the start of the holiday gift seeking and giving.

  Who doesn’t like a good deal? The anticipation of those deep price cuts and the rush to get there first heightens the excitement and increases the frenzy to GET THE DEAL, NOW! Excitement clouds this reality: even though you are getting great deals, you are still spending money. You are vulnerable to spending more in the excitement of now. Make a list of what you need or want and stick to it. Later, the bills won’t then seem like such a downer!

• 2018

  Black Friday 2018 is expected to be bigger than ever, with 74% of Americans planning to open their wallets on either Black Friday and Cyber Monday, according to the latest research from finder.com.

  The average adult is expected to drop $483.18 on the shopping holiday of holidays, which equates to $90.14 billion — up $30.57 billion from 2017’s projected spend of $59.57 billion.

  Men hunting for a deal

  While stereotypes might have you thinking that women are more likely than men to shop ’til they drop, slightly more men say they’ll brave the crowds to hunt for deals this year. Some 77% of men say they plan to shop over Black Friday and Cyber Monday, versus 71% of women.

  Despite the mere 6% difference between the genders, men are expected to spend nearly double that of women, budgeting an average $626.44 compared with $342.50 for women.

  Gen X is livin’ large

  Of the generations, Gen X plans to spend $592.83 on Black Friday and Cyber Monday. That’s higher than the average $560.17 those in Gen Y says they’ll spend in 2018 and more than double the $247.92 reported by baby boomers.

  Gen X may plan to spend big on Black Friday and Cyber Monday, but more members of Gen Y say they’ll open their wallets over the retail holiday. Roughly 87% of Gen Y says they’ll buy something on Black Friday or Cyber Monday, versus 79% of Gen X and only 55% of boomers who say the same.

  Couples plan to spend more

  At 78%, those who are married or in a domestic partnership are more likely than other relationship statuses to spend this Black Friday. This year, couples say they plan to spend an average $535.81.

  Those who’ve never married are the next group most likely to splurge, with 73% saying they expect to spend an average $468.40, followed by those who are separated, of whom 71% expect to spend an average $406.05. Rounding out relationships are 61% of divorcees who expect to spend $334.23 and 50% of widows who expect to spend $182.65.

  It pays to be an only child

  When it comes to families, 84% of parents with one child say they plan to spend $647.37 over the extended retail holiday. It’s not the highest amount people are planning to spend — that mantle is held by those with three kids at $696.85 — but it could mean there’s more money to go around with fewer siblings taking your share.

  Paying the rent means less money for shopping

  How much you’ll dole out over Black Friday and Cyber Monday may come down to whether you rent or own. About 71% of renters say they plan to spend an average $275.32. Compare that with the 73% of homeowners who plan to spend an average $556.69 this retail holiday.

  Perhaps not surprisingly, 83% of those who still live with family say they’ll drop close to double the amount that renters plan to spend — a high $611.94.

  Work hard, spend hard

  People with full-time jobs say they’re all in on Black Friday 2018, with 85% expecting to spend an average $734.05 on the big sales. Students are just as likely to take advantage of Black Friday sales as those with full-time jobs (85%), but they’ll spend about 60% less — or an average $296.50.

  Wisconsin to spend a lot of cheddar

  It sounds like those in and around the Great Lakes might have the deepest reservoirs of cash, with Wisconsinites saying they plan to milk Black Friday sales for all they’re worth at an average $1,392.60 each. The folks from America’s Dairyland are followed by Texans ($1,171.91) and New Yorkers ($878.71).

  While those from Wisconsin are expected to spend the most on average, it’s New Yorkers who top the list of those who plan to shop the sales, with 85% saying they’ll buying something, followed by Illinois (83%) and California (80%).

  Do you regret your shopping spree? You’re not alone!

  An estimated 52% of people have purchased something on sale that they later regretted.
  The average amount spent per item was $1,006.94, totaling a whopping $132.7 billion in remorseful discounted purchases in just the past year.

  Gender
  Men (58%) are more likely than women (48%) to regret a shopping purchase. On average, women regret purchases of about $287.24, while for men, the amount is a staggering $1,589.16.

  Generation
  Of the generations, baby boomers regret the highest amount of purchases — an average of $2,181.37. Compared that to Gen Y’s $713.50 and Gen X’s $693.58 in regretted purchases.
  Almost 1 in 3 Gen Yers — or 64% — have purchased something they later regretted, compared with 54% of Gen X and 37% of boomers.

  Household income
  When it comes to household income, those with lower incomes tend to be less likely to purchase sale items they regret. And when they do, they are more likely to spend less per item compared to those with higher incomes.

  Household income	Likelihood of sales purchase regret	Amount spent per purchase
  $0 to $25,000	41%	$192.21
  $25,000 to $50,000	46%	$656.07
  $50,000 to $75,000	52%	$564.60
  $75,000 to $100,000	57%	$1,452.36
  $100,000 to $150,000	63%	$774.60
  $150,000 to $300,000	79%	$3,109.83
  $300,000+	65%	$1,840.18

  Census Bureau monthly retail trade stats

  • Total adjusted retail sales last November were $435.5 billion. That’s a 7.0% increase from November 2016 ($408.1 billion).
  • November total retail sales have grown by $94.39 billion compared to a decade ago — to $453.5 billion in November 2017 from $341.1 billion in November 2007.
  • The average growth in retail sales for November each year since 2010 (after the financial crisis) is 4%.
  • Projected total retail sales for November this year are estimated to be $466.01 billion, according to finder.com.
  • Americans are expected to spend about $61 billion over the Black Friday and Cyber Monday weekend — or 13.09% of November’s total forecast sales.

  Source: finder.com; census.gov

  Methodology

  • We calculated these figures from a survey of 2,089 American adults commissioned by finder.com and conducted by global research provider Pureprofile in November 2018.
  • We included only states with 35+ respondents — an accurate sample size — in this analysis.
  • Monthly retail trade stats were calculated through Census Bureau’s Month Retail Trade Report.

• 2017

  This year Black Friday falls on November 24, 2017. As the biggest shopping day in America, it’s sure to cause a rush with heavy discounts and one-off deals.

  In fact, Americans plan to spend $59.57 billion on Black Friday and Cyber Monday purchases this year alone.

  Do you regret your shopping spree? You’re not alone

  Sales regret

  An estimated 43.5% of us have purchased something on sale that they later regretted.
  The amount we spent for each item averaged $431, totaling a whopping $46 billion in regretful discounted purchases over the past year.

  Type of sale purchases

  • The types of items people are most likely to purchase on sale and later regret are technology or electronics (30.2%), followed by clothing and accessories at 23.4% and household items at 14.7%.
  • Other categories include food and drink at 6.5%, shoes at 5.1%, music at 4.4%, cosmetics and fragrances at 4.3% and literature at 2.2%.
  • The average spent per sale item on technology and electronics was $285, on clothing and accessories was $87 and on household items was $244.

  Gender
  Though women (44.3%) are more likely than men (42.7%) to purchase items on sale that they later regret, men ($526) tend to spend more per item on their regretful purchases than women ($343).

  Generation
  Millennials lead the generations in purchasing sale items they later regret. More than half of all millennials (51.3%), 45.9% of Gen X and 36.0% of baby boomers have made sale purchases they regret.

  But when it comes to the amount spent, millennials appear to be the most conservative generation. Millennials spent an average of $236 per sale item they regretted, followed by baby boomers at $413 and Gen X at $585.

  Household income
  Generally, households with lower incomes are less likely to purchase sale items they regret. When they do, they tend to spend less per item compared with those at higher incomes.

  Household income	Likelihood of sales purchase regret	Amount spent per purchase
  $0 to $25,000	39.8%	$339
  $25,000 to $50,000	42.1%	$303
  $50,000 to $75,000	47.4%	$326
  $75,000 to $100,000	48.8%	$568
  $100,000 to $150,000	44.8%	$520

  The psychology of sales

  Our study finds that 65.2% of people have purchased an item on sale that they wouldn’t have purchased otherwise. The average amount spent per item was $641.

  Gender
  As with sale regrets, women (68.2%) have a higher likelihood of purchasing items on sale that they wouldn’t have purchased at full price. In comparison, men sit at 62.0%.

  Women spent an average of $412 on such items, while men spent an average of $903.

  Generation
  Once again, millennials are more likely to purchase an item on sale that they wouldn’t have purchased otherwise, but they spent less per item. Three in four millennials (76.0%), 65.7% of Gen X and 57.5% of baby boomers have made such purchases.

  Millennials spent an average of $499, baby boomers spent $677 and Gen X spent $716 per item.

  How long do we hold off buying?
  During the lead up to the big annual mega sales of Black Friday and Cyber Monday, it’s common to hold off spending in anticipation. An estimated 117 million American adults (47.8%) deferred dropping dollars on clothing, electronics, major appliances and furniture while waiting for the release of Black Friday and Cyber Monday deals. Better safe than sorry, right?

  Of those hanging out to see the bargains, a one- to two-month wait is the most common (14.7%), followed by a few weeks (13.8%), three to six months (9.8%) and a patient seven to eleven months (3.7%). Some 5.9% of us are willing to wait an entire year!

  Census Bureau monthly retail trade stats

  • Total retail sales last November was $416.1 billion, that’s a 5.0% increase from November 2015 ($396.2 billion).
  • November total retail sales have grown by $74.3 billion compared to a decade ago ($341.8 billion in November 2007 to $416.1 billion in November 2016).
  • Average growth in retail sales for November each year since 2010 (after the financial crisis) is 4.6%.
  • Projected total retail sales for November this year is estimated to be $435.3 billion, according to finder.com.
  • Americans are expected to spend about $60 billion across the Black Friday and Cyber Monday weekend, that’s 13.7% of the total November forecasted sales for the month.

  How many of us are planning on purchasing this year?

  While 117 million of us are eagerly waiting to see what’s on offer come November 24, an estimate of more than 108 million American adults (44.1%) are confident that they’ll be parting with their cash over Black Friday and Cyber Monday sales this year. But how does that translate by demographic?

  Gender

  A higher proportion of women intend to spend money on Black Friday sales this year (46.5%) compared with men (41.6%).

  Gender	Plans to spend money	Doesn’t plan to spend money
  Women	46.5%	53.5%
  Men	41.6%	58.4%

  Source: finder.com

  Generation

  Predictably, the younger you are, the more likely you’re going to splurge this Black Friday and Cyber Monday. This year, 61.9% of millennials plan to spend money, followed by 49.5% of Gen X and 27.0% of baby boomers.

  State

  Of qualifying states, Georgia came in first of those planning to spend (52.9%), followed by Wisconsin (51.2%) and Illinois (50.7%).

  Household income

  Interestingly, those with an annual household income of $50,000 to $75,000 intend to spend the most on upcoming sales compared with any other income bracket, while those earning between $150,000 and $300,000 top the list for least likely to spend.

  Marital status

  Not surprisingly, singles plan on treating themselves the most (51.6%), followed by those married or in a domestic partnership (43.9%), those separated (41.2%), divorcees (33.5%) and widows (26.9%).

  Marital status	Plans to spend money	Doesn’t plan to spend money
  Divorced	66.5%	33.5%
  Married or domestic partnership	56.1%	43.9%
  Separated	58.8%	41.2%
  Single, never married	48.4%	51.6%
  Widowed	73.1%	26.9%

  Source: finder.com

For all media inquiries, please contact:

Richard Laycock, Insights editor and senior content marketing manager

E: uspr@finder.com

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Richard Laycock

Lead Editor & Insights Editor

Richard Laycock is Finder’s NYC-based lead editor & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU). See full bio