Black Friday shopping budgets grow despite financial pressures
CBSN
Despite mounting financial pressures, holiday shoppers say they are planning to shell out more money on Black Friday and Cyber Monday sales this year than last.
That's according to a new survey from auditing firm Deloitte that shows consumers plan to spend an average of $567 between Black Friday and Cyber Monday this holiday season, or 13% more than they spent the same time in 2022. Consumers have bumped up their holiday shopping budgets as retailers this year have stepped up sales and deepened discounts to lure in consumers squeezed by inflation and rising credit card rates.
"Cyber Week is off to a strong start with Thanksgiving driving a record $5.6 billion in online spend as consumers took advantage of strong discounts and continued their shopping plans, virtually," said Vivek Pandya, lead analyst, Adobe Digital Insights.
