A survey of American adults by Sweep.io has revealed that almost a third of Gen Z will use Tik Tok to shop on Black Friday, with 28% of those aged 18-26 saying they will use the app to make a purchase. This decreases to 17% for millennials and to 11% for all American adults.
It is estimated that $60 billion will be spent by Americans on Black Friday purchases this year, meaning Tik Tok will see up to $6 billion spent on the platform with 11% of Americans using the app to buy products this year.
68% of Americans plan to use online shopping as their method of buying on Friday 24 November, making it the most popular method of shopping. Gen X are the biggest online shoppers with 75% planning to shop this way, decreasing to 71% for millennials and 58% of Gen Z.
Less than half of Americans that plan to shop on Black Friday will do so in physical stores, with just 44% saying they will use retail shopping. Millennials are the biggest users of shops with 52% planning to shop here, dropping to just 43% for Gen Z.
Americans reported they spent, on average, $165 in 2022 on Black Friday and will spend $198 this year, a rise of 20%> Millennials are set to be the biggest spenders in 2023 with each planning to spend an average of $239, while Baby Boomers reported the biggest increase, going from $110 to $156 this year, an increase of 42%.
Males will be digging deeper into their pockets with men planning to spend $186 on Black Friday compared to the $144 females are planning to spend.
Almost all of Gen Z will be getting involved with Black Friday with 97% saying they’ll shop on the post-Thanksgiving Friday, while 89% of Americans plan to make a purchase on that day, with males (90%) slightly more happy to splash the cash than females (86%).
Speaking to Sweet.io about the findings, leading human psychologist and body language expert Darren Stanton, said people love Black Friday because they get a dopamine hit when they think they’ve got ahead of life and got a bargain.
“There’s something that happens in our mind when we think we’ve got ahead of life, like when you get something for cheaper than it should be. It is all to do with the release of endorphins, the feel-good chemical, which are released by the body when we think we’ve got ahead or one up over something, such as a bargain on Black Friday.
“Everyone loves to bargain and negotiate at heart, it seems to be the default setting. This has something to do with ‘loss aversion’, it’s the fear of missing out, and there is so much psychology about how and why businesses market to consumers using this. We have this mindset where buying in bulk is an important thing.”
Full survey data and findings are below:
Methodology and sources