Cyber Week is one of the biggest shopping weeks of the year with Black Friday, Small Business Saturday and Cyber Monday deals.
Businesses are getting creative with online deals and using social media to help drive traffic to websites and make purchases directly from social platforms. TikTok traffic to websites is supposed to grow, according to a study from Adobe.
In 2023, 132 million Americans plan to shop during Cyber Week, according to research from Finder. But many companies -- such as Walmart and Target -- have started Black Friday deals early.
Here are some statistics on how Black Friday and Cyber Monday may look in 2023.
1. Holiday sales to increase between 7% and 9% over 2022
The National Retail Federation (NRF) predicts holiday spending will be healthy in 2023, despite inflation and elevated interest rates. NRF expects retail sales to grow 3% to 4% over November and December sales in 2022. NRF predicts holiday sales to be between $957.3 billion and $966.6 billion, which is an increase from the $929.5 billion in sales in 2022.
Another NRF study predicts consumers are to spend an average of $875 on gifts, food, decorations and other seasonal items. This is around $42 more than consumers planned to spend in 2022. This is similar to the average holiday budget spent over the past five years.
Learn how businesses can use technology to fight inflation and be prepared for the increase in sales this holiday season.
Finder'Black Friday Statistics 2023'
2. Gen Zers are the top Black Friday shoppers
Sixty-eight percent of Generation Z plans to shop Black Friday sales, according to the Finder survey. Although they are most likely to shop the Black Friday sales, Gen Zers plan to spend the least on Black Friday at $357 per person, followed by baby boomers, who plan to spend around $364 per person.
Businesses trying to reach Gen Z should check out various tech channels and use digital marketing, such as marketing videos, to promote products and connect. You can also learn more about generational marketing here.
3. 82% of people plan to shop during Cyber Week 2023
Online shopping has increased for Black Friday sales as more people saw the convenience of shopping from their own homes. Around 68% of people plan to shop online for sales rather than in person, with 27% planning to shop in-store, according to a Drive Research study. This is a 16% decrease from the 2022 numbers.
According to the same study, top planned purchases during Black Friday sales include clothing and accessories (82%) and electronics (73%).
Females are more likely to shop Black Friday sales, but men are likely to spend more on Black Friday purchases, according to Finder.
Around 35% of people plan to start their Black Friday shopping earlier, which includes shopping on Thanksgiving. This is an increase of 13% from 2022.
4. 71% of people will shop on Black Friday and Cyber Monday
Cyber Monday -- or the Monday following Thanksgiving -- will also see an increase in shoppers, with 6.1% more people planning to shop over 2022, according to a study from Adobe. The Adobe survey also predicts that Cyber Monday will bring in more revenue compared to Black Friday, with $12 billion and $6.6 billion, respectively.
Cyber Week, which starts on Thanksgiving and lasts through Cyber Monday, is expected to bring in 16.8% more revenue than last year according to Adobe.
5. 51.2% of Black Friday purchases predicted to come through mobile devices in 2023
E-commerce continues to grow, and mobile devices are becoming a vital tool.
2023 is predicted to be the biggest year for e-commerce and purchases through mobile devices. Mobile device purchases will be higher than desktop purchases this season, according to Adobe. A record $113 billion is predicted to be spent this holiday season, which is a growth rate of 13.7% over 2022. Smartphones are used for more than purchasing as people check local inventories, compare prices, pay for their purchases with digital wallets and find retail locations.
Adobe predicts this trend will happen throughout 2023 with total expenditures through mobile devices totaling around $470 billion compared to 2022’s overall $420 billion. Having a mobile-friendly website is vital for all businesses to keep up with consumers' shopping habits.
6. Embedded finance services will increase
Embedded finance services -- such as buy now, pay later (BNPL) and buy online, pick up in-store (BOPUS) -- are expected to be a large draw for consumers. Adobe said BNPL will reach a forecasted $1.57 billion during Cyber Week 2023.
Finder said consumers will consider stores with BOPUS options for last-minute purchases. Their survey also found 54% of shoppers are more likely to shop at stores with BOPUS on Black Friday.
Both options add convenience for consumers.