One-third of consumers (37%) plan to shop on the day after Thanksgiving – Black Friday – that three percentage points more that those saying so in last year’s poll (34%), according to aÂ recent Maritz Poll.
The consumer market research poll shows which categories of respondents are more likely to be Black Friday shoppers:
- Those with household incomes of $100,000 or more will shop at significantly higher levels (45%) on Black Friday than those in the lowest income group of less than $25,000 (30%).
- In addition, those who plan to shop on Black Friday say they will spend more overall on their holiday purchases – $790 – compared with $637 for all shoppers.
- Black Friday also has generational implications: The majority of Gen Y respondents (59%), as well as a significant portion of Gen X (46%), plan to shop on Black Friday.
- Only a small percentage of Boomers (23%) and the Silent Generation (21%) will venture out on Black Friday.
“It’s no secret that Black Friday shoppers are looking for discounts, and retailers have already started slashing prices – earlier than ever before,” said Gloria Park Bartolone, vice-president, Maritz Research’s Retail Group.
“If retailers can hit the mark with discounts that appeal to Gen X, Gen Y and those with larger household incomes, they might be able to capture more of the larger spend Black Friday shoppers are planning to make.”
Reigning in the Holiday Spending
According to the Maritz poll, the average spend this holiday season will be $637, down 10% from 2006. One-quarter of all respondents said they would spend less this year, with 50% of them citing “less money to spend this year” as the primary reason.
Where Shoppers Will Shop
“As retailers compete for holiday spending this year, it’s clear that convenience is a top factor for shoppers,” said Bartolone.
“Stores such as Wal-Mart and Target continuously top the holiday shopping lists by enhancing the customer experience through convenience and ‘one-stop shopping.'”
About the study: This online Maritz Poll, which was conducted Oct. 8 – 11, 2007, featured responses from 993 randomly selected adults from an internet panel survey on topics related to holiday shopping, buying behaviors and gift-giving trends. Respondents for this market research poll were split evenly between males and females, and results were weighted to match census demographics (on age, income, race, education and children in household).