NEW YORK — Americans are still gearing up for the biggest shopping week of the year, but they plan to spend a little less doing it. According to Deloitte’s 2025 Black Friday–Cyber Monday Survey, consumers expect to spend an average of $622 between Thanksgiving and Cyber Monday — a 4% decline from last year — even as participation in the shopping period edges higher.
Eighty-two percent of respondents said they plan to shop during the five-day event, up slightly from 79% in 2024. The pullback in spending, Deloitte found, reflects a mix of cost pressures and caution amid a higher cost of living. Nearly seven in ten shoppers who plan to spend less cited inflation as the main reason, while 43% pointed to tighter personal finances.
“Consumers are eager to find the best deals to wrap up their holiday shopping,” said Natalie Martini, vice chair and U.S. retail and consumer products sector leader at Deloitte. “While we expect shoppers to plan to pull back on spending, we also anticipate strong participation throughout the holiday week, with many planning to blend the convenience of online shopping with the energy of the in-store experience.”
Younger Shoppers Keep the Momentum Going
While overall spending is down, younger generations continue to show resilience. Gen Z and millennials expect to keep their spending roughly flat compared with last year, while Gen X shoppers anticipate reducing theirs by 9% and boomers by 12%. More than half of Gen Z respondents (56%) said they plan to cut back on other expenses to spend during the promotional week — compared with 41% of all shoppers.
Participation remains highest among younger cohorts as well: 92% of Gen Z consumers plan to shop during Black Friday–Cyber Monday. And despite the surge in digital options, the store remains central to their experience — 72% of Gen Z shoppers said they intend to shop in person on Black Friday, versus 49% of shoppers overall.
Value and Financing Drive Shopping Decisions
Deloitte’s survey underscores the extent to which consumers are relying on promotions and financing to stretch their holiday budgets. Sixty-one percent of respondents said they plan to take advantage of as many deals as possible, and 60% have already placed items in online carts to buy once the discounts hit.
Nearly two-thirds (64%) of consumers plan to use credit cards or “buy now, pay later” services to help manage spending. Those using such financing methods are expected to spend about 12% more than the average shopper.
Even so, many consumers are noticing fewer and smaller discounts. Nearly half said prices for holiday items are higher than last year, and more than one-third believe retailers are offering less aggressive markdowns.
Clicks and Aisles: A Hybrid Holiday
The study found that the Black Friday–Cyber Monday period has become a hybrid retail event, with consumers splitting their time between digital and physical channels. About 60% of shopping is expected to occur online and 40% in stores. Two-thirds of respondents plan to shop at online-only retailers, which remain the top destination for deal hunting.
Among those shopping in stores, top motivations include securing doorbuster deals (54%), believing the best discounts are found on that day (52%), and enjoying the social aspect of shopping with family and friends (43%). Online shoppers, meanwhile, are drawn by convenience, time savings, and access to top tech deals.
Deloitte said the most popular categories for the long weekend include clothing and accessories (76%), electronics (56%), toys (52%), and gift cards (51%).
Gen Z’s Rising Spending Power
“Value continues to be the centerpiece of the holiday season, and Black Friday–Cyber Monday promotions are an easy way for shoppers to capture those deals,” said Brian McCarthy, principal and retail strategy leader at Deloitte Consulting LLP. “While most shoppers are showing restraint this season, the spending power of Gen Z is growing — they now account for about $20 of every $100 holiday dollar spent, compared to just $4 five years ago.”
Deloitte’s findings suggest that even amid economic strain, the ritual of Black Friday–Cyber Monday remains firmly intact. Consumers may be spending less per person, but their enthusiasm for the event — and for stretching every dollar — continues to drive one of the most important weeks of the retail calendar.
The survey was based on responses from 1,200 U.S. consumers conducted between Oct. 15 and Oct. 23, 2025.
