People shop at a clothing store in Manhattan on November 7, 2025, in New York.
Spencer Platt | Getty Images
Black Friday is proving more popular with younger consumers than older consumers, according to a new report provided exclusively to CNBC.
AT&T CompanyThe 2025 Holiday Shopping Survey, conducted by Morning Consult, found that 40% of Gen Zers and 32% of Millennials plan to do most of their shopping on Black Friday. Older generations, on the other hand, prefer to shop later in the season, just a week or two before Christmas, according to the survey.
“Black Friday is always a big deal, and the prices, deals and advertising that are done during that time are probably what would attract Gen Z, especially things done on social media,” said Angela Rutherford, AT&T’s vice president of mid-market sales.
Excitement for Black Friday comes even as Gen Z plans to cut back on spending.
Consulting firm PwC reported in September that Gen Z shoppers planned to spend an average of 23% less this holiday season than a year ago — the biggest decline of any generation and a significant change from the previous year, when Gen Z said they planned to spend 37% more.
And as non-wealthy Americans face pressures from rising prices and economic uncertainty, some reports show signs of a “K”-shaped economy that could extend into the holiday season, with wealthier consumers spending more and lower-income consumers shopping more conservatively.
A new survey from Deloitte finds that consumers as a whole plan to spend 4% less on Black Friday than last year, mainly due to concerns over financial constraints and the higher cost of living.
Still, Rutherford said consumers were more “intentional and value-driven” in their holiday shopping this year.
This spending translates into more support for small businesses over large, traditional retailers, as 77% of consumers say they would do all of their Christmas shopping at small businesses if they could and if prices were the same, according to the AT&T survey.
Compared to last year, the number of respondents saying they shop at small businesses to boost their local economy increased by 8 percentage points.
“I think there’s a price consciousness, combined with a mentality of ‘If I can still save money or get a good price, I’ll always buy local,'” Rutherford said.
The AT&T survey also found that 72% of people said they found their gift ideas while shopping in person rather than on social media.
And even as artificial intelligence begins to reshape the way people shop, more than half of shoppers said they were more likely to use traditional online search methods for their gifts this holiday season than AI – just 9% of respondents said they were more likely to use AI to find gifts.
“AI has exploded in the last couple of years and is permeating every aspect of life,” Rutherford said. “I think over time you will see a shift from traditional search to AI for shopping.”