Gen Z Leads Black Friday Shopping, Even as the Holiday Loses Its Appeal, Survey Finds

Black Friday remains most popular with Generation Z shoppers, even as overall enthusiasm for the shopping holiday continues to fade, according to a new AT&T Business survey shared with CNBC. The report, conducted by Morning Consult, found that 40% of Gen Z and 32% of millennials expect to do most of their holiday shopping on Black Friday. Older shoppers, however, prefer to wait until a week or two before Christmas.

AT&T executives say social media-driven promotions play a major role in attracting younger buyers. Despite that interest, Gen Z also plans to scale back spending this year. Consulting firm PwC reported earlier that Gen Z shoppers expect to spend 23% less this season compared with last year, the sharpest drop among all age groups.

The survey results reflect broader signs of a “K-shaped” economy, in which higher-income consumers continue to spend while lower-income households pull back amid higher prices and economic uncertainty. A separate Deloitte report found that consumers overall expect to spend 4% less on Black Friday this year.

The AT&T survey also highlighted a shift toward supporting small businesses, with 77% of respondents saying they would shop exclusively at small retailers if pricing were comparable. The number of people who shop locally to support their communities rose by eight percentage points from last year.

In-person browsing remains a major source of gift inspiration, with 72% of shoppers saying they get ideas from visiting stores rather than from social media. And while artificial intelligence is transforming the retail landscape, only 9% of consumers said they plan to use AI to find gifts this holiday season. Most shoppers still prefer traditional online searches, though analysts expect AI-assisted shopping tools to gain traction in the coming years.