As Black Friday 2019 is now over, the first payments-related reports are coming out. Millennials are the big spenders during this unofficial holiday.
Interestingly enough, there are a lot of people who have zero intention of spending money on Black Friday in this day and age.
The Appeal of Black Friday Shopping
Most consumers will never pass up an opportunity to buy a product at a lower price. Black Friday is the go-to holiday for deals, or at least, what many perceive to be deals. A fair few stores do not offer actual discount, but utilize artificial price changes to make it the situation seem different.
The new report by Pyments highlights how this “holiday” yields some surprising consumer engagement. A lot of consumer snow shop online to avoid long queues in-store. This allows industry giants, such as Amazon and Walmart, to benefit tremendously. Many people tend to forget all of these orders need to be packaged and distributed by humans, however.
Two in Five Consumers Don’t Care
Albeit the survey only represents a minor sample size, the findings are still rather intriguing. It confirms 40% of US shoppers doesn’t care all that much about Black Friday or its associated discounts. Not necessarily something one would expect to see in this era of over consumerism.
That leaves just three in five consumers to effectively buy something during this unofficial shopping holiday spree. Virtually all of those consumers tend to buy items for themselves, rather than purchase gifts for Christmas and other upcoming holidays well ahead of time. There is definitely a trend here, primarily because it appears the hype surrounding this “holiday” is dissipating in the US.
Fewer Consumers Spend Money
Perhaps the most intriguing statistic is how fewer people effectively buy anything on Black Friday, Albeit still nearly 60% of US consumers partake in this event, it is down from 61.8% in 2018. Roughly 6 million people decided not to engage in the activities this year, for a wide variety of reasons.
For most, the reason is simple: there was nothing they absolutely had to purchase during this parade of discounts. Others state how they can’t afford any extra expenses, which is understandable. Some even prefer spending their time doing other things. The convenience of Black Friday doesn’t necessarily make for a fun experience for everyone.
Millennials Have Money to Burn
The millennial demographic is of great interest to marketers all over the world. When looking at this demographic’s Black Friday spending habits, that isn’t too surprising either. Millennials were the biggest spenders during this period in 2019.
On average, consumers in this age range spent $509.5 on purchases. A very big increase compared to the average of $382.4 in 2018. As more of these millennials get a job year over year, they also have more money to burn in the process.
The full report can be found here.