Black Friday 2024/ holiday shopping/ retail discounts/ Macy’s deals/ Cyber Monday sales/ in-store shopping trends/ holiday season forecast/ NEW YORK/ Newslooks/ J. Mansour/ Morning Edition/ Retailers are banking on Black Friday to kickstart the holiday shopping season by enticing shoppers with major discounts. Despite increased online shopping, Black Friday remains critical for in-store traffic. Analysts predict modest spending growth this year amid cautious consumer habits.
Black Friday Shopping Trends 2024: Quick Looks
- Black Friday Importance: Remains the largest shopping day for U.S. retail foot traffic.
- In-Store Push: Retailers encourage in-person shopping with exclusive deals and experiences.
- Customer Sentiment: Optimism about the economy influences spending behavior.
- Holiday Spending Forecast: Predicted to grow between 2.5% and 3.5% compared to 2023.
- Online Trends: Online sales up 9.6% year-over-year, with bigger discounts expected during Black Friday weekend.
- Best Shopping Days: Thanksgiving and Cyber Monday offer peak discounts on specific categories.
Black Friday Lures Shoppers with Major Discounts Again
Deep Look: Retailers Rely on Black Friday to Boost Holiday Sales
Retailers across the United States are leveraging Black Friday to attract holiday shoppers with promises of deep discounts, exclusive in-store experiences, and traditions that mark the unofficial start of the season. Even as online shopping grows, Black Friday continues to reign as the busiest day for physical retail foot traffic, according to Sensormatic Solutions.
Boosting In-Store Appeal
Department stores and malls are doubling down on efforts to draw shoppers back into stores.
“Black Friday is still crucial for retailers,” said Grant Gustafson of Sensormatic. The tactile experience of browsing, touching, and feeling products can sway customer decisions in ways online shopping often cannot.
At Macy’s Herald Square in Manhattan, early birds like Keressa and Morghan Clark from North Carolina showcased the event’s enduring allure. Arriving at 6:15 a.m., they sought deals unavailable in their local stores. Many shared similar sentiments, valuing Black Friday’s in-person excitement despite the growth of digital shopping.
Economic Optimism Shapes Spending
Shoppers’ optimism about the economy, fueled by broader political developments, is influencing spending patterns. Keressa Clark plans to increase her holiday budget to $2,000, up $500 from last year, reflecting confidence in economic stability despite inflationary pressures.
Targeting Impulse Purchases and Exclusive Deals
Retailers like Best Buy and Target are introducing new approaches to Black Friday promotions. Best Buy, for example, launched weekly doorbuster deals leading up to the event, extending the traditionally limited-time discounts. Target is enticing fans with Taylor Swift-themed exclusives, only available in stores on Black Friday.
Impulse buys remain critical for in-store sales, according to Circana’s Marshal Cohen. Physical stores provide an atmosphere conducive to unplanned purchases, with shoppers three times more likely to buy spontaneously than online.
Holiday Spending and Online Trends
The National Retail Federation forecasts a moderate increase in holiday spending of 2.5% to 3.5% over 2023 levels. Meanwhile, online sales surged 9.6% year-over-year during the early holiday period, Adobe Digital Insights reported. Analysts attribute this growth to shoppers starting their holiday purchases early but highlight that Black Friday and Cyber Monday still offer the steepest discounts.
Strategic Shopping: When and What to Buy
Adobe predicts Thanksgiving Day will yield the best deals on sporting goods and furniture, while Black Friday is optimal for TVs, with discounts averaging 24%. Cyber Monday will dominate discounts on clothing and electronics, with some tech items expected to drop by 30%. Bargains will peak during the five-day Black Friday weekend before tapering off through December.
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