As Americans gather around the Thanksgiving table, many of them will be looking ahead to a long weekend of holiday shopping. More than half of the consumers polled plan to take advantage of deals on Black Friday, Small Business Saturday, or Cyber Monday this year, according to the American Express Spending and Saving Tracker.
According to the survey, 29% of respondents plan to get started early on Black Friday. They expect to make their first purchase between midnight and 3 a.m. the day after Thanksgiving. Overall, 45% of those surveyed said they would shop for sales on Black Friday. But spending may be lower than last year. The average shopper plans to spend about $400 this year, down about $100 from last year. And more of them are planning to spend less. This year, 20% of respondents said they will spend under $200, compared to only 12% last year.
Small Business Saturday
This year American Express will give a boost to a relatively new tradition – Small Business Saturday – which is geared toward encouraging consumers to spend their shopping dollars at independent and local merchants. On Saturday, November 24, American Express is offering cardholders $25 back on a purchase of $25 or more at participating small businesses. American Express cardmembers can go to the American Express Small Business Saturday web page to sign up for the program. Two-thirds of those surveyed said they plan to patronize a small business or local restaurant on Saturday.
After a long weekend of shopping, 39% of survey respondents said they will fire up their computers on Monday for online deals. That day, shoppers can stay in their robes and slippers as they click their way to savings. Hundreds of online retailers will slash prices and offer special deals on Cyber Monday. Many will take advantage of online deals through social networking platforms this year, with 23% of survey participants planning to participate in promotions from Facebook, Groupon, Twitter, Pinterest, and Foursquare.
The results are from a survey conducted in mid-October of 1,500 adults across the U.S. with an annual income of $100,000 or more.