Black Friday Boycott: Why People Are Shunning the Sales This Year

Black Friday Boycott: Why People Are Shunning the Sales This Year

On the biggest shopping day of the year ... most Americans will be keeping their wallets shut.

That surprising forecast comes from a new report by Bankrate.com, which revealed that just 40% of people plan to make a purchase on Black Friday this year. Even fewer—a mere 28%—intend to shop in an actual brick-and-mortar store.

Learnvest

Get started with a free financial assessment.

It isn't just Black Friday that's losing popularity—Americans also expressed reluctance about Cyber Monday, the web's version of the holiday shopping frenzy. Only 1 in 4 survey respondents said they plan to make online purchases on December 1.

So what gives? Are Americans getting smarter about budgeting—and slashing their seasonal spending as a result?

Not so much. In fact, it's likely a simple case of people increasingly spreading out their shopping over the course of the season. For instance, 25% of shoppers actually named Thanksgiving Day as their favorite time to buy, while others have started even earlier: Target, for example, is launching a sale event on the Wednesday before Thanksgiving, while Office Depot has already been hosting "Cyber Monday" sales every Monday of this month.

And yet, the research also found that one particular group of consumers is still holding on to the Black Friday tradition: Millennials, with 54% of them planning to hit the stores (or web) for holiday shopping come November 27. But surprisingly, Gen Y is also the most frugal group of Black Friday shoppers—the majority of consumers ages 18 to 29 plan to shell out less than $250 total, while the average American expects to blow almost $400.

But no matter when—or where—you prefer to do your holiday shopping, it's always important to make sure you have a smart plan in place. Here, learn five ways a holiday savings account can help save your budget.

Learnvest

Financial planning made simple.

Get your free financial assessment.

Related Tags

Get the latest in your inbox.

Subscription failed!

You're Now Subscribed!