Industry insights from Deloitte’s 2025 Black Friday/Cyber Monday Consumer Survey found that more respondents plan to shop during the Black Friday through Cyber Monday period (November 29 to December 1) this year; however, the firm expects cost pressures and financial constraints to curb spending, based on a recent survey that shows 61 percent plan to take advantage of as many deals as possible.

Black Friday/Cyber Monday (BFCM) Week Spending Trends

  • 82 percent of surveyed consumers plan to shop BFCM this year, up from 79 percent in 2024. The overall participation rate is higher among Gen Z consumers (92 percent).
  • After four years of growth, spending is forecasted to decline 4 percent to an average of $622. Among those surveyed who plan to spend less, the primary drivers are the higher cost of living (69 percent) and financial constraints (43 percent).
  • Gen Z and Millennial shoppers surveyed plan to keep their spending flat, while Gen X and Boomers plan to reduce their spending by 9 percent and 12 percent, respectively, year-over-year. Additionally, 56 percent of Gen Z respondents plan to cut back on other expenses to spend during BFCM, compared with 41 percent across other demographics.
  • Those making less than $50K and those making $200K or more plan to spend 12 percent and 18 percent less, respectively, year-over-year. Only those making $100K to 199K a year said they plan to spend more, an increase of 5 percent year-over-year.
  • Nearly half (47 percent) of respondents said they have experienced higher prices for holiday items this season, and more than one-third (34 percent) said retailers are discounting less. As a result, surveyed respondents are holding out for deals: 60 percent have put items in an online shopping cart to purchase during BFCM, 42 percent plan to use cashback on websites to maximize deals and 38 percent plan to purchase only items that are at least 50 percent off.
  • Nearly two-thirds of consumers surveyed (64 percent) plan to use credit cards or buy now pay later (BNPL) services. Those who use financing methods are likely to spend 12 percent more than the average consumer during the shopping period. Credit card use is expected to be highest among Millennials (60 percent).

“This season, consumers are eager to find the best deals to wrap up their holiday shopping. They have made their gift lists and are checking Black Friday and Cyber Monday promotions to stretch their budgets. While we expect shoppers to plan to pull back on spending, we also anticipate strong participation throughout the holiday week, with many planning to blend the convenience of online shopping with the energy of the in-store experience. This highlights the importance for retailers to deliver a smooth, connected experience no matter where people choose to spend their holiday dollars,” said Natalie Martini, vice chair and U.S. Retail and Consumer Products sector leader at Deloitte.

Where Consumers Plan to Spend Monday During the Black Friday/Cyber Monday Shopping Period

  • Surveyed consumers plan to shop online (60 percent) and in-store (40 percent) throughout the five-day period.
  • Two-thirds (68 percent) of those surveyed plan to shop online-only, which remains the top destination for BFCM shopping.
  • 72 percent of Gen Z plan to shop in-store on Black Friday, compared to 49 percent of others surveyed.
  • The top reasons to shop in-store on Black Friday are to take advantage of doorbuster deals (54 percent), because the best in-store deals are on that day (52 percent), and they enjoy shopping with friends and family (43 percent).
  • The top reasons to shop online on Cyber Monday are to avoid crowded retail stores (52 percent), save time and effort (50 percent) and to capture the best tech deals (48 percent).

What Consumers Plan to Purchase During the Black Friday/Cyber Monday Shopping Period

  • BFCM surveyed respondents plan to purchase clothing and accessories (76 percent), electronics and accessories (56 percent), toys and hobbies (52 percent), and gift cards (51 percent).
  • Consumers surveyed primarily used October sales events to stock up on necessities on sale (64 percent), compared with those who primarily purchased gifts over essentials (26 percent).

“Value continues to be the centerpiece of the holiday season, and Black Friday/Cyber Monday promotions are an easy way for shoppers to capture those deals. While most shoppers are showing restraint this season, the spending power of Gen Z is growing—they are responsible for about $20 of every $100 spent on the holidays, compared to just $4 five years ago. And we expect they are headed back to the stores on Black Friday to take part in the excitement of the day,” said Brian McCarthy, principal, Retail Strategy Leader, Deloitte Consulting LLP

Deloitte’s 2025 Black Friday/Cyber Monday Survey is based on a survey of 1,200 consumers fielded between October 15 and October 23, 2025.