Home Business News 42% of Americans plan to spend over $500 on Black Friday shopping

42% of Americans plan to spend over $500 on Black Friday shopping

4th Nov 20 3:13 pm

Black Friday has been on the rise over recent years as shoppers attempt to take advantage of massive discounts from retailers. With the popularity, Black Friday has witnessed several trends among shoppers, and this year has not been different.

Data presented by Stock Apps indicates that about 42% of Americans plan to spend over $500 during Black Friday shopping. On the other hand, about 25% of Americans are yet to decide on the exact amount they will spend.

Furthermore, the research shows that most Americans at 28% plan to spend the same amount as last year’s Black Friday shopping season. Only 15% are yet to decide how this year’s budget will vary. Notably, most of the shoppers will be allocating their money to electronics like mobile phones at 28%.

Black Friday spending not deterred by pandemic effects

Piplsay conducted the survey, and it was carried out nationwide in the US from October 9-11, 2020. During the survey, a total of 30,223 online responses from individuals aged 18 years and older were received.

Saving is among the major reasons behind Black Friday’s popularity. It is interesting to see the highest number of Americans planning to spend the same amount as last year. The economic situation for this year greatly varies compared to 2019. The coronavirus pandemic forced most people out of work. However, some states’ reopening has seen the rate of jobless reduce significantly, putting more money in people’s pockets.

The pandemic however has led to the acceleration of online shopping, a deviation from the previous norm. Most shoppers used Black Friday for any in-person shopping experience: trying on clothes and seeing products in person before purchasing them. This year’s trend will highly change as e-commerce becomes a center of focus.

Previously, it was highly expected that the pandemic might curb Black Friday spending. However, the health crisis has offered shoppers an opportunity to look forward to bargains provided on Black Friday. Shoppers will be able to afford items they could not buy in other parts of the year.

Electronics dominates favorite black Friday shopping category

From the data, it is no surprise that electronics is the most popular category during Black Friday shopping. Over the years, retailers have issued massive discounts on electronics and appliances. The high discounts on electronics can be explained by the fact that most retailers generally use Black Friday to sell previous models to attract shoppers not interested in the latest models.

Most shoppers, therefore, tend to keep their money to purchase favorite devices during the shopping spree.  However, shoppers are usually cautious when purchasing highly discounted electronic devices to avoid being ripped.

Retailers seek to capitalize on Black Friday shopping by putting in place more extended sales. In 2020, several retailers are in transition to a recovery path. They will seek to extend their sales, especially for items intended to be sold during the pandemic. The goal is to increase revenue that will lead to more moving inventory. Such trends will offer shoppers an opportunity to acquire items they could not afford previously.

Consequently, the host of retailers in the United States have ramped up their online presence and in readiness for Black Friday online sales. Retailers attempting online sales have been focusing more on ensuring that their website can manage traffic flow during the period. Basically, retailers are willing to do anything to meet shoppers where they are located and increase sales.

It is worth mentioning that before the health crisis, online shopping was the biggest threat to in-store sales, and coupled with the risk of the virus, it now poses an even bigger threat.

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