Maybe having Michael Buffer kick off the Thanksgiving/Black Friday shopping weekend with his trademark “let’s get ready to rumble” announcement might be considered over the top, but based on the numbers it appears shoppers are ready to do battle this weekend. Holiday spending is up nearly 5% or on average $804 for the 2014 Holiday season according to data collected by the National Retail Federation. Spending projections seem to be up in all areas:
- Family – $459 up 6.5% from 2013
- Friends – $80 up 6.7% from 2013
- Co-Workers – $26 up 7% from 2013
With 6 in 10 people ready to shop over the four-day weekend, retailers can expect up to 140 million shoppers to pass through their doors, two-thirds of those 140 million expecting to shop on Black Friday. Millennials expect to be out looking to take advantage of deals, nearly 8 in 10, almost 80% of 19-24-year-olds will shop over the weekend, the highest of any age group. Any way you look at the numbers a lot of people will be out spending money this coming weekend.
Cash or Credit
So with all this shopping and spending going on, how will all of these gifts be paid for? Here’s the breakdown from NRF:
- 38.4% – Debit
- 38% – Credit Cards
- 21.6% – Cash
- 2% – Check
It’s good to see 62% or 6 in 10 people will be using the money they have in their accounts whether its cash, debit or checks. Do places still take checks? The survey also found that those ages 18-24 were the least likely to use credit cards to pay for gifts and those 65+ were the most likely to purchase gifts on plastic.
Barbie Takes a Tumble
For the first time in over ten years, Barbie has let it go. Falling to the number two spot on the top toys list for girls to Disney’s Frozen. LEGO was the only toy that made both the boys (#1) and girls (#6) list. Here are the top five for each category:
2014 Top Girls Toys
1. Disney Frozen
3. Dolls (generic)
4. Monster High Dolls
5. American Girl
2014 Top Boy Toys
2. Cars & Trucks
3. Teenage Mutant Ninja Turtles
4. Video Games
5. Hot Wheels
I do not have any plans for shopping on Black Friday. There are no items that offer a big enough saving to venture out with the millions of other people who will be out that day. I do have my eye on a new television. I received a gift card as a thank you gift for 20 years of service to my company that I might use to pay for it. If I can find the right deal I might pick one up this weekend. I think it’s encouraging that over 60% of all shoppers this weekend are using some form of cash to pay for their purchase and the young adults are following that trend at a higher percentage. It gives me hope that more people are taking control of their money. I wonder how many people are using credit cards to pay for purchases that they intend to pay for in full to take advantage of the possible rewards. I was unable to find any data on that.
If you are shopping this weekend good luck bargain hunting and stay safe!
Are you shopping on Black Frida or this Holiday weekend? What your payment of choice this holiday season?
Brian is a dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013 who, with his family, has successfully paid off over $100K worth of consumer debt. I want my three children to handle money better than I ever did at a young age. I have been teaching them as much as I can for the last 10 years. My goal is to continue to champion the financial literacy message and then why I created the “How To Rock Your Money” book. To help teenagers navigate their financial futures. I hope my family’s story of paying off over $100,000 worth of debt will inspire and motivate you to take control of your money. He blogs at BrianBrandow.com