It used to be a single day. Now it’s an entire month.
Changing consumer habits have allowed retailers to kick off the holiday shopping season earlier, rolling out deals throughout the month of November or even before, instead of waiting for the day after Thanksgiving, known as Black Friday, to showcase “doorbuster” sales.
According to the National Retail Federation, consumer spending for the 2024 holiday season is expected to reach a record $902 per person based on its latest consumer survey conducted by Prosper Insights & Analytics.
The expected per-person spending on gifts, foods, decorations and other seasonal items would top last year’s $875 mark. A strong majority of shoppers (57%) plan to make their purchases online according to the survey.
Nearly half (45%) of holiday shoppers already planned to browse and buy items before November, up from 40% a decade ago. Most consumers said the biggest reason for early shopping is related to spreading out their shopping budgets.
In total, shoppers are expected to spend a record $241 billion online from Nov. 1 through the end of 2024 according to a recent report by Adobe Analytics.
Luke Hopkins is assistant director and senior lecturer in the Dr. Persis E. Rockwood School of Marketing at Florida State University’s College of Business. His research interests focus on the management of customer relationships, specifically in situations that require delivering bad news to the customer. Hopkins has published articles in Journal of Service Research, European Business Review, Journal of Public Affairs and Journal of Family Business Strategy.
Hopkins is available to speak with reporters on emerging consumer shopping trends as well as the significance of Black Friday on the U.S. economy.
Luke Hopkins, assistant director and senior lecturer in the Dr. Persis E. Rockwood School of Marketing at Florida State University’s College of Business.
Email: lhopkins@business.fsu.edu
Quote from Luke Hopkins:
This holiday shopping season, what are you seeing as some of the biggest consumer shopping trends?
“Given the shortened holiday season, consumers are expected to begin their shopping earlier than in previous years. Experts predict that consumer spending will be up slightly compared to previous years but deals and discounts are expected to be more important than ever. Most research suggests gift cards will be the most popular gift this year. While gift cards aren’t necessarily exciting, they tend to be more rational. Especially considering consumers continue to prioritize price, quality, return policy and a seamless shopping experience over other characteristics.”