Black Friday Is Most Popular With Gen Z, Even as the Holiday Loses Its Shine, New Survey Finds

Black Friday is emerging as a stronger draw for younger consumers than for older age groups, according to a new report shared exclusively with CNBC. AT&T Business’ 2025 Holiday Shopping Survey, conducted by Morning Consult, shows that 40% of Generation Z and 32% of millennials intend to complete the majority of their holiday purchases on Black Friday. In contrast, older generations are more inclined to shop later in the season, often within the final one or two weeks before Christmas.

Angela Rutherford, AT&T’s vice president of mid-market sales, said the appeal of Black Friday remains significant, noting that promotional pricing, special offers and heavy advertising during this period are especially compelling for Gen Z, particularly those influenced by social media activity.

The strong interest in Black Friday persists even as Gen Z prepares to scale back their overall spending. A September report from consulting firm PwC found that Gen Z consumers expect to reduce their holiday expenditures by 23% on average compared with the previous year, marking the sharpest decline among all generations. This represents a notable shift from the prior year, when Gen Z indicated they planned to increase spending by 37%.

As many Americans outside the wealthy demographic continue to manage higher prices and broader economic uncertainty, some research suggests the emergence of a “K-shaped” economy heading into the holiday period. Wealthier consumers appear positioned to spend more, while lower-income shoppers are expected to approach purchases more cautiously.

A recent Deloitte survey found that consumers overall expect to spend 4% less on Black Friday than they did last year, citing financial pressures and a rising cost of living as primary reasons.

Despite these trends, Rutherford emphasized that shoppers this year are demonstrating a more “intentional and value-driven” mindset. That shift appears to be benefiting small businesses, as AT&T’s survey indicates that 77% of consumers would prefer to complete all of their holiday shopping at small businesses if pricing were equal. Compared with last year, the share of respondents who said they support small businesses to strengthen their local economies rose by eight percentage points.

Rutherford noted a heightened level of price awareness among shoppers, paired with a willingness to buy locally when value is comparable.

The AT&T survey also found that 72% of respondents continue to draw gift inspiration from in-person shopping, rather than from social media platforms. And while artificial intelligence is beginning to influence retail behavior, more than half of consumers say they plan to rely on traditional online search methods for gift discovery this holiday season. Only 9% report being more likely to use AI to find presents.

Rutherford said that although AI has expanded rapidly and now touches many areas of daily life, a broader shift from traditional search to AI-driven shopping recommendations is likely to unfold gradually over time.