A new report shows that younger consumers are more interested in shopping on Black Friday than older generations, with 40% of Gen Z and 32% of millennials planning to shop on that day. Despite this, Gen Z plans to spend 23% less on holiday shopping this year compared to last year, indicating a shift in spending habits. Wealthier consumers are expected to spend more during the holiday season, contributing to a growing “K-shaped” economy. Consumers overall plan to spend 4% less on Black Friday, citing financial constraints and a higher cost of living as reasons. However, consumers are prioritizing supporting small businesses this year, with 77% saying they would do all their holiday shopping at small businesses if pricing was the same. The majority of people still rely on in-person shopping rather than social media for gift ideas, and traditional online search methods are preferred over AI for holiday shopping. Despite the rise of AI in shopping, only 9% of consumers surveyed said they are more likely to use AI to find gifts this holiday season.

Read more at CNBC: Black Friday is most popular with Gen Z