The key path
- About 50% of Gen Z shoppers plan to buy only necessities and gifts on Black Friday.
- Still, 26% will spend at least half of their monthly paycheck on sales — or more.
American consumers are as prepared as ever for Black Friday and Cyber Monday.
According to a recent Deloitte survey, more than 80 percent of people plan to take advantage of this year’s Black Friday Cyber Monday sales, including 92 percent of Gen Z shoppers.
New research from authoring platform Adobe breaks down Gen Z’s approach to Black Friday — and how much younger consumers are really expected to spend.
RELATED: ‘Millions of Dollars in a Week’: Founder Reveals His Profitable Black Friday Strategy
The study, which surveyed 2,000 Gen Z respondents, found that 13% of young shoppers spend months preparing for Black Friday sales, with 47% planning to buy only necessities and gifts.
However, Gen Z consumers still expect to part with a certain portion of their paychecks, according to their findings: 26% will spend at least half of their monthly paycheck on Friday shopping.
Another 6% plan to spend their entire monthly salary on Black Friday – and 2% more than what they earn in a month.
Related: What is ‘Doom Spending’? This trend increases personal finances — and members of this generation are most at risk.
One in three general spenders also admit to making a mistake that can stretch personal finances: overspending on gifts to make an impression.
More than 30 percent of Gen Z shoppers told Adobe they will spend more than $300 on gifts this holiday season, even if it means pulling from savings (33%), skipping social gatherings (35%) or paying bills (36%).
According to the research, one in 10 Gen Z consumers plan to spend more than $500 on gifts this year, while 18% plan to spend $50 to $100, 38% $100 to $300 and 19% plan to spend $100 to $300, according to the research.
Four percent of respondents said they had no money to spend on holiday gifts.
Related: Online scams are more sophisticated than ever. Here’s how to shop safely on Black Friday and Cyber Monday, according to a cyber intelligence expert.
Raging — an approach taken by 52 percent of Gen Z, according to the survey — can help drive more spending during the holiday season.
Ashley Piper, a political strategist environmental life journalist and TV personality, said Entrepreneur Earlier this year, the challenge of taking part in “No New Things” inspired her to get creative when it came to sourcing items, including gifts, noting that “it’s like exercising a muscle.”
The key path
- About 50% of Gen Z shoppers plan to buy only necessities and gifts on Black Friday.
- Still, 26% will spend at least half of their monthly paycheck on sales — or more.
American consumers are as prepared as ever for Black Friday and Cyber Monday.
According to a recent Deloitte survey, more than 80 percent of people plan to take advantage of this year’s Black Friday Cyber Monday sales, including 92 percent of Gen Z shoppers.
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