NEW YORK, Nov. 22, 2016 /PRNewswire/ -- Americans are
showing less interest in braving the crowds at stores on Black
Friday, according to a new Bankrate.com (NYSE: RATE) report.
Only 23% of consumers say they will shop in stores the day after
Thanksgiving, down from 28% when
Bankrate asked the same question in 2014. In fact, 53% of
Americans state they do not plan to do any shopping on Thanksgiving, Black Friday or Cyber Monday. For
more information go to:
http://www.bankrate.com/finance/consumer-index/money-pulse-1116.aspx
"With ample discounts being offered by retailers well before
Thanksgiving and additional bargains
found throughout December, fewer people are inclined to get up at
ridiculous hours and wait in lengthy lines for the possibility to
save a few extra dollars," said Bankrate.com personal finance
analyst, Mike Cetera.
Younger millennials are the age group most enthusiastic about
Black Friday. 37% of those ages 18-25 say they'll be shopping in
stores, and 38% say they'll shop online on that day. Women
are also more inclined to shop at this time. 25% plan to shop
in stores versus only 20% of men. Further, 30% of women say
they'll shop online on Black Friday, compared to just 21% of
men. Black Friday shoppers expect to spend an average of
$521, with a median of $300.
For those still in search of deals after the weekend, Cyber
Monday is certain to tempt many. Millennials in general (ages
18-35) are the age group most eager to shop online on Cyber Monday,
at 37%. Women (32%) are also more likely to shop online on
this day compared to men (22%). Cyber Monday shoppers expect to
spend a bit less than Black Friday shoppers, an average of
$372 per shopper, with a median of
$200.
Stores that plan to be open on Thanksgiving Day may want to rethink that
decision. Just 15% of Americans say they'll be venturing out
to stores to shop on Thanksgiving
Day, and only 15% say they'll shop online. The age group
most likely to be shopping on the holiday is younger millennials,
whether it be in stores (28%) or online (26%).
Princeton Survey Research Associates International obtained
telephone interviews with a nationally representative sample of
1,000 adults living in the continental United States. Interviews were conducted by
landline (500) and cell phone (500, including 304 without a
landline phone) in English and Spanish by Princeton Data Source
from November 3-6, 2016. Statistical
results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data
is plus or minus 3.8 percentage points.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information:
Katie Yates
VP, Corporate Communications
kyates@bankrate.com
(917) 368-8677
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SOURCE Bankrate.com