Consumers are more worried about the economy than they were three months ago—but nearly half will still browse beyond their BFCM shopping lists.

Shoppers are facing mounting tariff uncertainty and economic pressures as policy continues to evolve. But their behavior presents a nuanced story. While 85% of shoppers are concerned about the economy—and nearly half have cut discretionary spending—27% of Gen Z and Millennials combined have increased non-essential shopping and 77% of all consumers still intend to splurge in the next three months.

When it comes to Black Friday/Cyber Monday, shoppers will be more strategic, but they’re still open to impulse buys as 46% will browse for deals on items that they weren’t planning to buy.

The challenge for brands is being customers’ top choice when they're being more selective this year.

Here are the six key takeaways from August's Attentive Consumer Pulse.

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1. Economic anxiety is rising, especially among younger shoppers

Survey says:

• 85% of consumers are concerned about the US economy—with Millennials leading at 90%.
• 64% are more concerned than they were three months ago—including 67% of Millennials and 75% of Gen Z.
• 48% have decreased discretionary spending in the past month.
• 45% have delayed or canceled a planned purchase due to economic uncertainty in the past month—holding relatively stable from 44% in May.

Younger generations are less stable when it comes to spending. Though Millennials and Gen Z are most concerned about the economy, they’re also more likely to have increased discretionary spending compared to older generations.

While decreased discretionary spending hovers close to the 48% average across generations, there were stark differences among those who increased non-essential spending. 29% of Gen Z and 24% of Millennials increased spend, while just 18% of Gen X and 9% of Baby Boomers said the same.

This points to more stability in spending habits among older consumers.

The takeaway for brands: Younger consumers may be caught in a cycle of doom spending—a behavior where financial stress leads to impulsive purchases as a coping mechanism.

That can also lead to purchase regret if brands focus solely on creating artificial urgency.

Instead, focus your marketing on the genuine positive experiences your products create. Emphasize how your products solve real problems, provide lasting value, or contribute to their well-being and happiness.

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2. Shoppers are looking for lower prices—give them a reason to choose you

Survey says: 89% of shoppers plan to change their shopping approach if economic concerns continue.

The top changes consumers will make:

• 54% will wait for sales and promotions
• 54% will switch to lower-cost alternatives
• 52% will buy fewer items

Shopping at different retailers is the least common change consumers will make, but it’s still an option for 28% of all shoppers—and 36% of Millennials.

The strategy: Make your sales unmissable and emphasize value beyond price.

First, ensure your sales reach the people who are looking for them. Update your sign-up units to highlight that subscribers will be first to know about any future sales.

When your next sale launches, schedule multi-message campaigns across email and SMS to announce the sale, remind shoppers during the promotion, and send a final notice before the sale ends. Segment your list to feature relevant imagery, products, and copy instead of sending the same sale messages to everyone.

Update your browse and cart abandonment messages with sale-specific language that reminds shoppers how much they'll save—or add your sale details to Attentive’s AI Journeys to maximize revenue.

Second, help shoppers feel confident they're making the right choice with your brand. Shoppers want clear value from their purchases—which means you don’t necessarily have to have the lowest prices.

The Attentive Marketer Pulse found that 86% of brands are highlighting value more in their messaging to adapt to consumer spending patterns while protecting margins. Marketers’ top strategies include:

• Emphasizing product quality and durability
• Focusing on unique design elements or exclusivity
• Sharing about brand heritage or story

When consumers are being more selective about every purchase, being memorable for your product quality, brand story, and unique value secures your place as a customer’s favorite brand.

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3. Spending is more intentional, but consumers still want to splurge

Survey says:

These categories are seeing the biggest spending decreases in the next three months:

• Accessories (62% decreasing spend)
• Apparel (54%)
• Books (52%)
• Toys & games (51%)

Top categories where consumers are maintaining or increasing spend:

• Groceries (78% maintaining or increasing)
• Pet products (77%)
• Fitness & wellness (62%)
• Beauty (57%)
• Travel & hospitality (56%)
• Sports & entertainment (55%)
• Technology (52%)
• Wine/Spirits (51%)
• Home & office (51%)

Despite economic pressures, 77% of consumers plan to splurge in the next three months—including 81% of Millennials and 93% of Gen Z.

Of these shoppers, the top categories where they expect to treat themselves are:

• Groceries (45% plan to splurge)
• Apparel (32%)
• Travel & hospitality (31%)
• Beauty (27%)
• Technology (26%)
• Accessories (21%)

While apparel shopping is declining overall, it's still a top category where consumers plan to treat themselves—revealing that when customers do buy, they want to get something they really like.

Older generations are prioritizing travel & hospitality. It’s the second-highest splurging category for Baby Boomers and Gen X.

Gen Z is investing more in accessories than any other generation. It’s their second-highest splurge category with 37% planning to treat themselves with accessories.

The opportunity: If you’re a brand in a decreasing-spend category, be the option consumers choose when they do decide to buy. Position your products as worthy investments and use messaging that emphasizes quality and value. Help customers justify the purchase as a meaningful investment.

For brands in thriving categories, lean into messaging that encourages regular purchases and stocking up during sales. Your audience may have tolerance for a higher volume of marketing messages since they’re continuing to buy in this category.

For brands in categories where consumers want to treat themselves—like apparel, travel, and beauty—create moments that feel special. Highlight what makes your products indulgent or premium and use “treat yourself” messaging. Consider exclusive collections or limited-time offerings that feel worthy of a splurge purchase.

No matter what category your products are in, every brand can benefit from fine-tuning their segmentation strategy. In the current economic climate, marketers are finding purchase history/frequency and marketing campaign engagement to be the most effective segmentation strategies. This allows you to adapt to individual changes in spending habits.

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4. Holiday shopping starts early—build customer relationships now for Black Friday & Cyber Monday success

Survey says:

• 59% will start their holiday shopping before BFCM begins—including 66% of Gen Z and 61% of Millennials.
• 17% of consumers have already started their holiday shopping as of early August.
• Only 20% will start their holiday shopping during BFCM.

The takeaway for brands: Your BFCM success depends on what you do in the months leading up to it. Start building relationships well before Cyber Week by growing your list, educating shoppers about your brands and products, and promoting early sales.

This will warm up your customer relationships and give you direct access to shoppers who are ready to buy before your main event.

Help customers plan their purchases with wishlists, gift guides, and personalized product recommendations.

Update sign-up forms now to improve revenue in the near term and throughout BFCM. Our data shows that subscribers who joined between June and mid-November 2024 had 14% higher AOVs during Cyber Week than all prior subscribers.

Get your email and SMS program BFCM-ready: Read 90 Days to BFCM: Create Your Foundation to establish the groundwork for strong BFCM performance.

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5. BFCM shoppers are financially cautious, but the right mix of incentives can convince them to buy

Survey says:

• 82% of consumers plan to shop during BFCM, including 93% of Gen Z and 92% of Millennials.
• 29% are planning to spend less than last year.
• 21% plan to spend more—including 25% of Millennials and 32% of Gen Z.

Shoppers who plan to spend less cite financial constraints:

• 59% have less money to spend this year.
• 47% are being more selective due to economic uncertainty.

Even those planning to spend more are largely motivated by economic concerns. Among shoppers planning to increase their BFCM spending, 70% cite reasons tied to economic uncertainty:

• 39% want to stock up on regularly-used items while they’re on sale.
• 34% are making major purchases they’ve postponed.
• 24% want to take advantage of deals on items that have had recent price increases.

That said, 39% of those planning to spend more report having more money to spend this year compared to last year, so a good portion of consumers have a positive financial outlook.

What will convince consumers to buy:

• 68% are motivated by deep discounts (especially Baby Boomers at 84% vs. 58% of Gen Z).
• 56% want free shipping—this is Gen Z’s top priority at 61%.
• 35% respond well to limited-time offers.
• 35% want free gifts with purchase.

The takeaway for brands: BFCM shoppers are financially cautious but not closed off to spending.

Their choices hinge on perceived value. While it’s no surprise that shoppers are looking for deep discounts, it could be worth combining your deals with other incentives including free shipping, urgency, add-ons to encourage purchases.

Read more about what makes shoppers buy across four key purchase categories.

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6. BFCM shoppers are easily swayed—nearly half browse for unplanned items 

Survey says:

How consumers plan to shop during Black Friday/Cyber Monday:

• 46% will browse for deals on items not already on their shopping list.
• 44% will compare prices across retailers to get the best deal.
• 29% are making specific BFCM shopping lists—and Gen Z is particularly savvy with 38% making lists ahead of time.

Even prepared shoppers are open to impulse purchases if they see a good deal, creating an opportunity for brands to increase cart sizes.

For shoppers comparing prices, lead with your best deals but also emphasize the unique value your competitors can’t match.

What shoppers plan to buy during BFCM:

• 66% will shop for gifts—including 76% of Baby Boomers.
• 40% will stock up on everyday essentials.
• 40% will treat themselves—including 50% of Gen Z and 48% of Millennials.
• 32% will make major purchases they've been waiting on.

A significant 72% are buying for themselves across everyday essentials, self-gifts, and major purchases.

The strategy: Create multiple paths to purchase to serve varied shopping motivations.

For gift-givers, create curated gift guides and bundles that make selection easy. For everyday essentials shoppers, emphasize bulk savings and lean into “stock up” messaging. For self-gifters, use “you deserve this” language to encourage the indulgence they crave.

Since shoppers will be influenced by what they see, showcase complementary products to what they’re browsing, what they have in their cart, or what they’ve purchased before.

And don’t assume shoppers are done with you once they’ve placed an order. Your post-purchase messages can be a gold mine for continued revenue during Cyber Week and throughout December. Recommend complementary items to their original purchase or other products that match their style and remind them about your sale.

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Bottom line: Build relationships now to win during BFCM

Economic uncertainty is leading shoppers to be more strategic, but 82% still plan to shop BFCM—and they’re open to shopping products that aren’t on their list.

Brands that build relationships with shoppers now have several advantages:

• Higher-value customers: New subscribers who join between June and mid-November have 14% higher Cyber Week AOVs
• Trust that drives purchases: Early relationship-building establishes the confidence shoppers need to choose your brand.
• Direct access to your audience: Email and SMS give you a direct line to customers when every retailer is competing for attention during Cyber Week.

Black Friday preparation starts now, but as chaotic as this time of year can be, success is possible without losing your head.

Step into The Marketers Sanctuary: a BFCM marketing resource filled with time-honored wisdom and foundational practices to help guide, ground, and amplify your strategies for the busiest time of the year.

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The Attentive Consumer Pulse: Since April 2025, Attentive surveys 600 US consumers every month to help brands understand how consumer mindset is shifting and how to adapt their marketing strategies.