With the holiday season upon us, a new study by personal finance website WalletHub shows which retailers and items consumers will shop for on Black Friday and for the Christmas season.
JCPenney, Belk and Macy’s are 2024’s Best Places to Shop on Black Friday, offering an average discount of at least 57%.
Around 18% of items at major retailers will be more expensive on Black Friday than their current Amazon.com prices.
Jewelry will offer the most value on Black Friday 2024 relative to their current prices, while computers & phones are expected to have the least rewarding deals.
68% of people say Santa will be less generous this year due to inflation, according to WalletHub’s 2024 Holiday Shopping Survey.
Amazon, Target and Sephora top the list of 2024’s Best Gift Cards.
38% of the major retailers offering 0% financing use a dangerous feature called deferred interest, which has the potential to make holiday purchases up to 27.5 times more expensive than expected.
Consumers are expected to spend more on holiday shopping in 2024 than in previous years, with an average of $1,063 per person. However, when adjusted for inflation, this is below pre-pandemic levels.
In shopping behavior, consumers prioritize value over brand reputation and are more likely to shop online. They are also more likely to use retailer websites for research.
Popular gift categories include clothing, gift cards, toys, books, video games, and food and candy.
44% of shoppers will use the internet as the most popular source for gift ideas. And expect to an increase in social media traffic as surveys show U.S consumers will use social media to contact brands for customer service, with Instagram and TikTok being the most popular platforms.
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