A new survey from GoDaddy reveals that 2024 could see the “smallest Black Friday ever” as consumers express a strong preference for shopping at small businesses this holiday season.
According to the survey, 71% of U.S. shoppers are willing to pay more to support small businesses, with 53% of them ready to spend up to 10% more than they would at larger retailers.
Despite concerns over inflation, with 65% of respondents acknowledging its impact on their holiday budgets, shoppers show a clear desire to support small businesses.
More than three in four consumers (78%) are as or more likely to shop at a small business this Black Friday and throughout the season compared to previous years. Gen Z leads the way, with 85% indicating a preference for shopping small, closely followed by 83% of Millennials.
GoDaddy Small Business Trends Expert Amy Jennette emphasizes the shift in consumer behavior. She says, “Black Friday has long been considered peak selling season for large retailers, but GoDaddy’s research makes it crystal clear U.S. shoppers are willing and eager to make this the smallest Black Friday ever. Despite inflation concerns and rising costs, consumers want to support their local businesses and economies.”
Jennette advised small businesses to capitalize on this trend by focusing on unique holiday promotions and enhancing the shopping experience to attract customers. According to the survey, reasons for preferring small businesses include supporting the local economy (30%), enjoying better customer service (18%), and accessing unique or handmade products (13%).
Key Consumer Spending Trends
The GoDaddy survey highlights several consumer shopping behaviors:
- Shopping Timeline: 40% of U.S. consumers plan to complete most of their holiday shopping in the next four weeks, with nearly 1 in 5 (19%) aiming to shop primarily on Black Friday.
- Gift Giving: Nearly one-third (31%) of shoppers buy gifts for six or more people, and 10% extend their shopping lists to over ten recipients.
- Spending per Gift: Around 22% of respondents spend more than $100 per person on gifts, and 32% spend between $51 and $100. This indicates that over half of holiday shoppers (54%) plan to spend more than $50 per person on gifts.
- Self-Gifting: Two-thirds (67%) of consumers plan to indulge in a holiday treat for themselves. Gen Z is the most likely to do so, with 83% intending to buy themselves a special item or experience.
Resources for Small Business Success
To help small businesses make the most of the holiday season, GoDaddy offers an Ultimate Guide to Holiday Campaign Planning, featuring resources such as holiday marketing tips, seasonal promotion strategies, and AI prompts to simplify business management and promotion. Additionally, GoDaddy’s AI-powered Airo platform is available to help small businesses build and manage their online presence efficiently.
Image: Envato
This article, “GoDaddy Study Shows Consumers Favor Small Businesses for 2024 Holiday Shopping” was first published on Small Business Trends