A recent Maritz Poll found that 37 percent of respondents plan to shop on the day after Thanksgiving, vs. last year's 34 percent who said they would shop on Black Friday. Those who plan to shop on Black Friday say they will spend $790 overall on their holiday purchases, compared to $637 for all shoppers combined.
According to the poll, the overall average spend this holiday season will be $637, down 10 percent from 2006. One-quarter of all respondents said they would spend less this year, with 50 percent citing "less money to spend this year" as the primary reason.
Respondents with household incomes of $100,000 or more, says the report, will shop at significantly higher levels (45 percent) on Black Friday than those in the lowest income group of less than $25,000 (30 percent).
The generational implications of these Black Friday shoppers looks like this:
59 percent of Gen Y respondents plan to shop
46 percent of Gen X will be there
Only 23 percent of Boomers
And 21 percent of the Silent Generation
Gloria Park Bartolone, vice president, Maritz Research's Retail Group, says "... Black Friday shoppers are looking for discounts, and retailers have already started slashing prices... If (the) discounts appeal to Gen X, Gen Y and those with larger household incomes... (it) could make for a better start to what might be a 'blue' Christmas for retailers."
Planned Shopping Locations (% of all respondents)
Location
% Planning to Shop
Wal-Mart
63%
Target
57
Best Buy
43
K-Mart
28
Sears
23
Circuit City
21
Kohl's
27
Macy's
25
Victoria's Secret
17
Source: MaritzResearch, November 2007
"As retailers compete for holiday spending this year,
"As retailers compete for holiday spending this year, it's clear that (shopping) convenience is a top factor for shoppers..." concludes Bartolone.
Please visit MaritzResearch here to learn more.
