The consumer market research poll shows that respondents with household incomes of $100,000 or more will shop at significantly higher levels (45 percent) on Black Friday than those in the lowest income group of less than $25,000 (30 percent).
In addition, those who plan to shop on Black Friday say they will spend more overall on their holiday purchases - $790 compared to $637 for all shoppers combined. Black Friday also has generational implications with the majority of Gen Y respondents (59 percent), as well as a significant portion of Gen X (46 percent), planning to shop. Only a small percentage of Boomers (23 percent) and the Silent Generation (21 percent) will venture out on Black Friday.
"It's no secret that Black Friday shoppers are looking for discounts, and retailers have already started slashing prices - earlier than ever before," said Gloria Park Bartolone, vice president, Maritz Research's Retail Group. "If retailers can hit the mark with discounts that appeal to Gen X, Gen Y and those with larger household incomes, they might be able to capture more of the larger spend Black Friday shoppers are planning to make. That could make for a better start to what might be a 'blue' Christmas for retailers."
Reigning in the Holiday Spending
According to the Maritz poll, the average spend this holiday season will be $637, down 10 percent from 2006. One-quarter of all respondents said they would spend less this year, with 50 percent citing "less money to spend this year" as the primary reason. "As retailers compete for holiday spending this year, it's clear that convenience is a top factor for shoppers," said Bartolone. "Stores such as Wal-Mart and Target continuously top the holiday shopping lists by enhancing the customer experience through convenience and 'one-stop shopping.'"
