Black Friday's allure is fading, but a new survey reveals a surprising trend: Gen Z is still all in. Despite plans to curb spending, a recent study indicates that Gen Z is more inclined to shop on Black Friday than older generations. The survey, conducted by Morning Consult for AT&T Business, highlights a generational shift in shopping habits. While older generations prefer to shop closer to Christmas, Gen Z is all about the Black Friday deals. Angela Rutherford, AT&T's vice president of mid-market sales, attributes this to the enticing pricing, offers, and social media buzz surrounding Black Friday. However, the enthusiasm for Black Friday coincides with a planned spending reduction. Gen Z shoppers intend to spend 23% less this holiday season, according to PwC, marking the sharpest decline among all generations. This shift in spending behavior is further exacerbated by economic pressures. Non-wealthy Americans are grappling with rising prices and uncertainty, leading to a 'K-shaped' economy where wealthier consumers spend more, while lower-income consumers shop more conservatively. Despite these financial constraints, consumers are becoming more mindful of their spending. A Deloitte survey found that overall spending on Black Friday is expected to decrease by 4% compared to last year. This intentional and value-driven approach to holiday shopping is supporting small businesses over large retailers. According to AT&T's survey, 77% of consumers would prioritize shopping at small businesses if prices were comparable. This trend is evident in the growing number of respondents who shop at small businesses to support local economies, an 8-percentage-point increase from last year. Interestingly, despite the rise of AI, traditional online search methods remain popular. Over half of shoppers prefer using traditional search methods for their holiday gifts, with only 9% more likely to use AI for gift ideas. As AI continues to integrate into various aspects of life, the shift from traditional search to AI for shopping is expected to occur gradually.
