Key Takeaways
- Nearly 50% of Gen Z shoppers intend to buy only necessities and gifts on Black Friday.
- Still, 26% will spend at least half of their monthly salaries on sales — or even more.
American consumers are as ready as ever for Black Friday and Cyber Monday.
More than 80% of people plan to take advantage of Black Friday-Cyber Monday sales this year, including 92% of Gen Z shoppers, according to a recent survey from Deloitte.
New research from writing platform EduBirdie breaks down Gen Z‘s Black Friday approach — and just how much the young consumers are actually expected to spend.
Related: ‘Millions of Dollars in a Week’: Founder Reveals His Lucrative Black Friday Strategy
The study, which surveyed 2,000 Gen Z respondents, found that 13% of the young shoppers spend months preparing for Black Friday sales, with 47% intending only to buy necessities and gifts.
However, Gen Z consumers still expect to part with a significant chunk of their paychecks, per the findings: 26% will spend at least half of their monthly salaries on Black Friday purchases.
Another 6% plan to spend their entire monthly salary on Black Friday — and 2% even more than what they earn in a month.
Related: What Is ‘Doom Spending’? The Trend Takes a Toll on Personal Finances — and Members of This Generation Are Most at Risk.
One in three Gen Zers also admits to making a mistake that can upend personal finances: overspending on gifts to make an impression.
More than 30% of Gen Z shoppers told EduBirdie they will spend over $300 on gifts this holiday season, even if that means pulling from savings (33%), skipping social gatherings (35%) or missing bill payments (36%).
One in 10 Gen Z consumers intend to spend more than $500 on gifts this year, while 18% plan to spend $50 to $100, 38% to spend $100 to $300 and 19% to spend $300 to $500, according to the research.
Four percent of respondents said they have no money to spend on holiday gifts at all.
Related: Online Scams Are More Sophisticated Than Ever. Here’s How to Shop Safely on Black Friday and Cyber Monday, According to a Cyber Intelligence Expert.
Regifting — an approach that 52% of Gen Z have taken, per the survey — can help curb overspending during the holiday season.
Ashlee Piper, a political strategist turned eco-lifestyle journalist and TV personality, told Entrepreneur earlier this year that participating in a “no new things” challenge inspired her to get creative when it comes to acquiring items, including gifts, noting that “it’s a lot like exercising a muscle.”
Key Takeaways
- Nearly 50% of Gen Z shoppers intend to buy only necessities and gifts on Black Friday.
- Still, 26% will spend at least half of their monthly salaries on sales — or even more.
American consumers are as ready as ever for Black Friday and Cyber Monday.
More than 80% of people plan to take advantage of Black Friday-Cyber Monday sales this year, including 92% of Gen Z shoppers, according to a recent survey from Deloitte.
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