More than 40 Percent of Americans Plan to Spend $500 on Black Friday
Data presented by Stock Apps indicates that about 42% of Americans plan to spend over $500 during Black Friday shopping. The spending is spread across different categories.
Electronics account for the most popular category
Under the 42% of Americans, about 8% will spend over $2,000 on Black Friday shopping while 10% will spend between $1501-$1500. About 14% will spend in the range of $501-$1000.
Elsewhere, about 16% will spend between $301-$500 the remaining 25% have not decided yet. The research also enquired about how this year’s Black Friday budget will vary compared to 2019.
A majority of 28% will retain their budget like last year while 20% will scale down their spending compared to last year’s Black Friday shopping season. Another 20% of Americans plan to increase their budget from last year’s figures.
About 17% of Americans plan to significantly lower their budget from last while the remaining 15% are yet to decide.
In terms of categories, 28% will be shopping for electronics like mobile phones, computers, music, and gaming. Another 16% will splash their money on appliances and 15% will go with clothes, fashion, and accessories. Toys, games, and book category will account for 13% while 9% will go to home and kitchen.
The coronavirus pandemic is predicted to impact this year’s Black Friday shopping. According to the research report:
“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.”
The new trend has forced many retailers to move their operations online.