Holiday Shopping Trends: Americans' Spending Habits and the Decline of In-Store Buying

American shoppers are eagerly participating in the Black Friday to Cyber Monday shopping events, with nearly $10 billion in purchases made on Black Friday alone, representing a 7.5% increase from last year. Online spending on Black Friday also saw a 9% year-over-year jump to $16.4 billion. A survey by Deloitte reveals that shoppers plan to spend an average of $567 during the shopping events, a 13% increase from 2022. The peak days for shopping are expected to be Friday and Monday, with 65% and 58% of shoppers planning to participate, respectively. Reasons for increased spending include buying more gifts, updating wardrobes, and higher prices this year. Overall, shopper participation in the events has recovered and is now on par with pre-pandemic levels.