Arizonans plan to spend more money shopping electronically on Cyber Monday ($556) than hitting the malls and super-stores on Black Friday, where they plan to spend $433, according to the BMO Harris Bank Holiday Report.
The survey examined the buying intentions of consumers ahead of Black Friday – the day after Thanksgiving; and Cyber Monday, one of the busiest online shopping days of the year. It marks the first in a series of reports from BMO Harris that will be released for holiday spending.
Fifty-five percent of Arizonans say they will shop on Black Friday, half plan to shop on Cyber Monday and 36 percent will do both. The results of the poll show 23 percent of Black Friday shoppers say they will spend more this year, and one-third percent of Cyber Monday shoppers say they expect their spending to go up. Two-thirds say they will spend about the same amount that they did last year during both shopping days.
“The U.S. holiday shopping season is expected to be moderately better this year due to stronger job growth, lower unemployment, improved confidence, record-high equity markets, and lower gasoline prices,” said Sal Guatieri, Senior Economist, BMO Capital Markets. “The only thing holding back sales is sluggish wage gains, though that is expected to change next year. Price competition should remain fierce this season as a result.”
The commissioned survey, also found:
• Three quarters (77 percent) of shoppers are buying for themselves on Black Friday. On Cyber Monday, it will be slightly less (68 percent)
• Just over half (54 percent) plan to buy for parents and children on Black Friday, and 44 percent will shop for a partner or spouse
• Gifts for a pet will be bought by 21 percent on Black Friday and by 13 percent on Cyber Monday
Sixty-five percent say they have a budget, but may not stick to it. Only 12 percent say they will stay within their strict budget.
Debit cards are the payment method of choice for 71 percent of Black Friday shoppers, compared to 45 percent who will pay with credit card and one-third who will use cash.