Written by By Barbie Latza Nadeau, CNN
Millennials are shopping more in the stores than ever before, but they are walking out empty-handed after leaving with almost two-thirds of their Black Friday spending out of their control.
According to a new report by payment technology company iZettle, on the day after Thanksgiving, a quarter of consumers surveyed said they blew their entire Black Friday budget, or almost 62% of their spend.
Roughly 44% of Canadian Black Friday consumers ran up a credit card bill that was double what they’d planned to spend, and 54% said they underestimated the items that they’d buy, according to the data compiled by iZettle’s urban research team.
Some of those were hesitant Black Friday shoppers, who responded “yes” to survey questions but purchased items such as big-screen televisions for less than they’d predicted. More than 21% said they responded to offers they didn’t plan to take. The report tallied these numbers and split them across the country to get an average of Canadian spending for Black Friday.
‘These days, what will I buy?’
Although Canadians acknowledged they were often spending too much money, a quarter said they just “pushed everything” in the stores they were in, because they didn’t know what they wanted to buy.
Pushed items included sofas, televisions, brand-name clothes and shoes, the report said. iZettle researchers questioned data from both personal finance app My Finance and analytics site ShopBot Labs’ shopping app Shopchemy.
The average Black Friday spend in Canada was about C$301 ($231) for individuals surveyed, which is more than Black Friday shoppers in the United States — who, according to The Wall Street Journal , plan to spend nearly $900 on Friday.
But only about 13% said their debt level was rising because of Black Friday, the report said. A quarter of Canadians said their credit card company was offering a Black Friday discount to help them cover the debts.
Meanwhile, the International Council of Shopping Centers has said Black Friday is just one part of the holiday shopping season. Between Thanksgiving and Christmas, consumers tend to shop at brick-and-mortar stores more than online retailers, they said.
Four in 10 Canadian consumers surveyed said they were shopping for Black Friday sales online. The data was collected from April 13 to 15, from multiple iZettle merchants in Toronto, according to the report.