2024 Is Shaping Up to Be the Smallest Black Friday Ever: GoDaddy Study

Rhea-AI Summary

GoDaddy's recent survey reveals a strong consumer trend towards supporting small businesses this holiday season. 71% of U.S. shoppers are willing to pay more at small businesses during Black Friday, with 53% ready to spend up to 10% extra. Despite inflation concerns affecting 65% of respondents, 78% are as or more likely to shop at small businesses this holiday season. Gen Z leads this trend at 85%. The survey shows 40% of consumers plan to do most holiday shopping in the next four weeks, with 19% focusing on Black Friday. Over half of respondents plan to spend more than $50 per gift, with 22% spending over $100 per person.

Positive

• 71% of consumers willing to pay premium prices for small business products
• 78% of shoppers likely to choose small businesses over larger retailers
• 54% of consumers planning to spend over $50 per gift, indicating strong consumer spending
• 40% of consumers planning holiday shopping in next four weeks, suggesting immediate revenue potential

Negative

• 65% of consumers report inflation impact on shopping habits
• Only 19% planning to shop on Black Friday specifically, indicating potential revenue concentration risk

71% of Consumers are Ready to Pay More to Shop at Small Businesses This Holiday Season

TEMPE, Ariz., Oct. 31, 2024 /PRNewswire/ -- Consumers are in a giving mood this year, not just toward their friends and families, but also to small businesses. According to a new GoDaddy survey, 71%* of U.S. shoppers are willing to pay more to support small businesses during Black Friday and this year's holiday season, with an eye-popping 53%* of them willing to spend up to 10 percent more to do so. 

Despite 65%* of survey respondents agreeing that inflation will impact their shopping this holiday season, their desire to shop small is clear. More than 3 in 4 (78%)** people are as or more likely to shop at a small business this Black Friday and throughout the holidays compared to previous years, with Gen Z being the most likely to shop small (85%)** and Millennials following closely behind (83%)**.  

Of the reasons to favor small businesses, 30% of respondents cited wanting to support their local economy, while 18% claimed doing so led to better customer service, and 13% preferred unique or handmade products**. 

The Stakes Are Big for Small Businesses 

GoDaddy surveyed U.S. consumers to help small businesses understand their customers' shopping priorities during the all-important holiday season. According to the survey results, 40%* of U.S. consumers plan to do most of their holiday shopping in the next four weeks, with almost 1 in 5 (19%)* planning to do the bulk of their shopping on Black Friday alone.  

"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," said GoDaddy Small Business Trends Expert, Amy Jennette. "Despite inflation concerns and rising costs, consumers want to support their local businesses and economies." 

Jennette continued: "To take advantage of this opportunity, small businesses should lean into the 'shopping small' experience that consumers value and are willing to pay more for. They can do this by focusing on unique holiday promotions and offers to attract traffic and provide superior customer service along with unique products and experiences they can't find elsewhere." 

Who Consumers Are Shopping for and How Much They're Spending  

GoDaddy's survey also shows consumers are embracing the spirit of giving. Nearly one-third (31%) of consumers purchase gifts for six or more people, and 10%* extend their shopping lists to more than 10 people. 

For many, the holiday season is a time to show their generosity, with about a fifth of respondents (22%)** typically spending more than $100 per person. Additionally, 32% of shoppers who participated in the survey reported spending between $51 and $100 per person during the holidays. That means over half (54%) of respondents plan to spend more than $50 on gifts per person this holiday season. 

Spreading holiday joy isn't just about giving gifts to others. Two-thirds (67%)** of consumers intend to treat themselves to a holiday indulgence, as well. Gen Z is the most likely to do so, with 83%** planning to buy themselves a special item or experience. 

So Many Tools and Resources to Help Small Businesses This Holiday Season 

Small businesses looking for guidance on how to maximize their seasonal sales should visit GoDaddy's Ultimate Guide to Holiday Campaign Planning. Valuable resources include holiday marketing advice by channel, do's and don'ts for offering seasonal promotions, AI prompts that make it easy to manage and promote a business during the busiest time of year, and much more.  

Visit GoDaddy.com to learn more about the solutions GoDaddy offers small businesses, including the AI-powered GoDaddy Airo experience that TechRadar called "a game-changer for small businesses looking to establish their online presence, particularly because of how much time and effort it saves."  

Methodology
The survey data referenced in this news release was collected via two surveys in which U.S. consumers were asked about their holiday shopping habits: one conducted in October 2024 with 1,247 respondents* and one in September 2024 with 1,520 respondents**. 

About GoDaddy
GoDaddy (NYSE: GDDY) helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com. 

Source: GoDaddy Inc.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/2024-is-shaping-up-to-be-the-smallest-black-friday-ever-godaddy-study-302292661.html

SOURCE GoDaddy Inc.

FAQ

What percentage of consumers will pay more to support small businesses during Black Friday 2024 according to GoDaddy (GDDY)?

According to GoDaddy's survey, 71% of U.S. consumers are willing to pay more to support small businesses during Black Friday and the 2024 holiday season.

How much more are consumers willing to spend at small businesses during Black Friday 2024?

53% of consumers are willing to spend up to 10% more to support small businesses during the 2024 holiday season.

What percentage of Gen Z plans to shop at small businesses during Black Friday 2024?

85% of Gen Z consumers are likely to shop at small businesses during Black Friday and the 2024 holiday season, the highest among all generations.

How much do consumers plan to spend per person on holiday gifts according to GoDaddy's 2024 survey?

54% of respondents plan to spend more than $50 per person, with 22% spending over $100 per person on holiday gifts.